What Cendana Capital does

Cendana Capital is a San Francisco-based fund of funds founded by Michael Kim that provides strategic capital commitments to very early stage (seed and pre-seed) venture capital fund managers globally. The firm operates a tiered investment approach: Nano and Pilot checks serve as on-ramps for emerging managers, while Core Portfolio Fund Investments of $10 million to $20 million position Cendana as lead investor in select seed and pre-seed funds, with an emphasis on ownership-centric portfolio construction (minimum 10% initial ownership at seed, 20% at pre-seed).

The firm's product set also includes Secondary Fund Stakes acquired in partnership with Kline Hill Partners to provide LP liquidity, and an Investor Portal (sharesecurely.com) for LP and GP engagement. Per the company website, Cendana manages $2.7 billion or more in assets, with exposure across 5,700-plus portfolio companies including 170-plus unicorns. The management team is distributed across San Francisco (headquarters), New York, Boston, and Miami, covering fund manager evaluation, LP relations, platform and operations, data and strategy, and finance and compliance.

Cendana's business model is that of a traditional fund of funds: it raises capital from institutional limited partners (family offices, endowments, foundations, sovereign wealth funds) and earns revenue through management fees and performance carry on the funds it manages. Reported fund closes include $278 million deployed in 2020, a $30 million fund of funds in 2021 for VCs managing $15 million or less, $470 million in 2023, and a $105 million secondary-focused vehicle with Kline Hill in 2024. Marketing is primarily thought-leadership driven through podcast appearances, industry publications, webinars, and direct LP relationship management rather than through intermediaries.

Name

Cendana Capital

Legal name

Cendana Capital Management, LLC

Website

https://cendanacapital.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Cendana Capital is a San Francisco-based fund of funds founded by Michael Kim that invests globally in very early stage (seed and pre-seed) venture capital fund managers. It serves institutional LPs seeking diversified emerging-manager exposure and serves emerging VC GPs by providing $10M–$20M anchor capital and ecosystem support.

Ownership category

akta.pro rank

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Fund of Funds Management: Cendana Capital operates as a fund of funds, generating returns through management fees and performance carry from their portfolio of seed and pre-seed VC funds. They provide strategic capital to very early stage VC funds globally, working closely with GPs and LPs to create value for their investors.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Cendana Capital is a private fund of funds that invests in very early stage (Seed and Pre-Seed) venture capital funds globally. The firm commits $10M to $20M to Core portfolio funds as lead investor, alongside smaller Nano and Pilot commitments that serve as on-ramps to Core positions, and acquires secondary fund stakes in partnership with Kline Hill for LP liquidity. The firm manages $2.7B+ in assets under management with exposure to 5,700+ companies and 170+ unicorns.

Product overview

Cendana Capital operates as a fund of funds providing strategic, high-conviction capital to very early stage VC funds globally. The firm offers a tiered investment approach consisting of Core portfolio fund investments ($10M-$20M commitments), Nano and Pilot check programs as on-ramps to core positions, and secondary fund stakes acquired in partnership with Kline Hill for LP liquidity. The company maintains an Investor Portal accessible via sharesecurely.com for LP and GP engagement. With $2.7B+ AUM across 5,700+ companies and 170+ unicorns, Cendana focuses exclusively on Seed and Pre-Seed fund managers who demonstrate unique networks, domain expertise, and ownership-oriented investment approaches.

Differentiator

Problem solved

Functional benefit

Products and services

• Core Portfolio Fund Investments
• Nano Commitments
• Pilot Program
• Secondary Fund Stakes
• Investor Portal

Quantifiable outcome

• Portfolio funds have generated exposure to 5,700+ companies with 170+ unicorns
• +1 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• TrueBridge Capital Partners: TrueBridge is a fund-of-funds that invests in emerging venture capital managers, structurally and strategically the closest peer to Cendana's emerging-manager FoF thesis.
• Greenspring Associates: One of the original VC fund-of-funds managers, Greenspring pools capital across early-stage VC funds serving institutional investors, directly comparable in model and customer base.
• Top Tier Capital Partners: Top Tier is a venture fund-of-funds with a focus on emerging managers, overlapping with Cendana on target segment, GP relationships, and institutional LP client base.
• LATTICE (formerly Industry Ventures): LATTICE specializes in venture secondaries, fund-of-funds, and direct continuation vehicles—directly comparable to Cendana's emerging-manager FoF and recent secondary stake strategy.
• Kline Hill Partners: Kline Hill Partners is a secondary buyer of VC fund interests and an active partner with Cendana on secondary transactions, sharing the early-stage VC secondary focus.

Broad incumbents

• Hamilton Lane: Hamilton Lane operates a much larger private-markets investment platform with FoF mandates including VC exposure; a broad incumbent that overlaps with Cendana on LP relationship management and VC fund selection.
• StepStone Group: StepStone is a global private-markets investment firm running FoF, co-invest, and direct mandates with VC exposure; broader incumbent with overlapping LP base and fund-selection capabilities.

Emerging players

• Portfolio Foundry: Portfolio Foundry provides VC fund-of-funds access with an emerging-manager tilt; smaller and earlier-stage, but addresses the same LP demand for diversified VC exposure.
• iSelect Fund: iSelect is a venture fund-of-funds focused on emerging managers, overlapping with Cendana's target-segment strategy with a narrower thematic focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cendana-capital
• Xx.com/CendanaCapital
• Facebookfacebook.com/CendanaCapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments31 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cendana Capital