Alicorn Venture Partners

What Alicorn Venture Partners does

Alicorn Venture Partners is a London-headquartered, FCA-regulated venture capital firm that specializes in secondary-dominant investments into growth-stage technology companies, blending venture capital funding with private equity techniques. The firm invests and acquires stakes in late-stage businesses across high-tech and deep-tech verticals — with historical concentration in the Israeli technology ecosystem (Silicon Wadi) and growing exposure to enterprise software, cybersecurity, AI applications, fintech infrastructure, and edtech. The firm operates two primary funds, AGS I and AGS II (also referenced as Israel Late Growth Secondaries I / ILGS I), with flexible ticket sizes ranging from $1 million to $15 million per transaction across company-led secondaries, unique primary rounds, bridge financings, and follow-on funding. Notable portfolio outcomes include the IPOs of Lemonade (NASDAQ, 2020) and Glassbox (TASE, 2021), and the acquisitions of Axis Security by Hewlett Packard Enterprise for approximately $500 million (March 2023) and of Pliops by Astera Labs (February 2026); Alicorn and Susquehanna also jointly acquired and delisted Glassbox from TASE in November 2024.

The business model is the standard VC/PE fund model: Alicorn raises capital from limited partners into its managed funds, charges management fees on committed or invested capital, and earns carried interest on realized investment profits above preferred-return hurdles. Revenue mechanics are not publicly disclosed; AUM is also undisclosed but inferable from fund vintage cadence and ticket sizing. The firm originated in 2017 as the venture capital arm of Arowana International, deployed its first third-party-capital fund AGS I in 2020, formed AGS II in 2022, and completed its spin-off from Arowana as an independent entity in April 2023. Alicorn Limited operates as an Appointed Representative of Khepri Advisers Limited (FRN: 692447), which is authorised and regulated by the UK Financial Conduct Authority. Go-to-market is relationship-driven, relying on direct outreach, partner referrals, and the senior team's deep network across Israel (Ben Weiss, Yair Shoham), the SoftBank ecosystem, and global institutional investors. Customer segments are twofold: (i) growth-stage technology companies seeking late-stage capital and cap-table liquidity, and (ii) early investors, founders, and employees seeking partial liquidity through secondary transactions; LPs of the funds are a third, non-portfolio constituency.

Name

Alicorn Venture Partners

Legal name

Alicorn Limited

Website

https://alicorn-vp.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Alicorn Venture Partners is a London-based, FCA-regulated venture capital firm that invests in growth-stage technology companies through a secondary-dominant model blending VC funding with private equity techniques, with historical focus on the Israeli tech ecosystem and two operating funds (AGS I and AGS II).

Ownership category

akta.pro rank

Product category

Venture Capital (Growth-Stage / Secondary-Dominant)

NAICS

Portfolio Management and Investment Advice (52394), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

akta.pro secondary industry

Multi-Sector / Generalist Growth Equity (FSANACAO)

Keywords

• Venture capital investing
• Secondary market investments
• Growth-stage equity
• Technology growth capital
• Private equity techniques

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management — Carried Interest and Management Fees: Alicorn generates returns through carried interest (performance fees on investment profits) and management fees from its managed funds (AGS I, AGS II / ILGS I). The firm operates a secondary-dominant investment model blended with private equity techniques, delivering risk-adjusted returns to LP investors.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Alicorn Venture Partners is a London-based growth-stage venture capital firm that invests in and acquires stakes in technology companies through a secondary-dominant model blended with private equity techniques. The firm provides growth-stage capital, secondary liquidity solutions, follow-on funding, bridge rounds, and cap table recycling for late-stage businesses, primarily in the Israeli high-tech and deep-tech ecosystems, via its AGS I and AGS II funds.

Product overview

Alicorn Venture Partners is a secondary-dominant venture capital firm that blends venture capital funding with private equity techniques. The firm offers a suite of investment services including growth-focused primary and secondary investments, follow-on funding, bridge rounds, and cap table recycling solutions. Their core products are purpose-constructed deals for late-stage growth businesses in high-tech and deep-tech sectors. The firm operates through its AGS I and AGS II investment funds, providing capital, targeted expertise, and operational business advice to portfolio companies. Their investment strategy focuses on verticals they know well, with particular emphasis on the Israeli technology ecosystem and sectors including data, cyber, and enterprise software.

Differentiator

Problem solved

Functional benefit

Products and services

• Growth-Focused Investment Services

Quantifiable outcome

• Axis Security acquired by HPE for close to $500M — one of the few acquisitions of this size in the current market environment
• +4 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• MedtroniccoreStrategic or Co-development PartnerSternum (an Alicorn portfolio company) partnered with Medtronic to protect pacemakers and medical devices using Sternum's IoT cybersecurity platform. Sternum secured over 100,000 devices under this partnership, providing real-time protection against cyberattacks.
• D&V PhilippinesminorOthersLizmhel Glaiza Espeña, Alicorn's Financial Controller, serves as Associate Director at D&V Philippines, handling financial operations for Alicorn. D&V Philippines provides outsourced finance and accounting services to support Alicorn's fund operations.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Industry Ventures: Industry Ventures is a US-based investment firm specialising in secondary venture fund interests and direct secondary investments in growth-stage tech companies. It is the closest direct analogue to Alicorn's secondary-dominant VC strategy and overlapping late-stage tech deal sourcing.
• Stripes Group: Stripes is a New York-based growth equity firm that invests in software and consumer businesses, with explicit activity in secondaries and structured equity. Comparable to Alicorn in growth-stage focus, secondary capability and operating-partner involvement.
• Vintage Investment Partners: Vintage is an Israeli-focused fund-of-funds and secondary investor with deep roots in the Israeli tech ecosystem. Closely comparable to Alicorn on both the secondary-vehicle dimension and the Israeli tech deal-flow specialisation.
• Lexington Partners: Lexington is one of the world's largest secondary private equity and venture fund buyers. While more PE-tilted than Alicorn, its secondary specialism and ability to construct bespoke secondary transactions directly mirrors Alicorn's core activity.

Broad incumbents

• TPG Growth: TPG Growth is the growth-equity arm of TPG, investing in later-stage technology and consumer businesses globally. Comparable to Alicorn as a broad incumbent in growth-stage tech investing, but at materially larger fund sizes and without Alicorn's secondary-dominant emphasis.
• Insight Partners: Insight Partners is a large global growth-equity and late-stage software investor. It overlaps with Alicorn on late-stage tech deal sourcing, particularly in Israeli enterprise software, but operates multi-billion-dollar funds versus Alicorn's smaller vehicles.
• General Atlantic: General Atlantic is a global growth-equity firm investing across sectors including technology and internet. Comparable as a broad growth-equity incumbent competing for the same late-stage opportunities, particularly in Israeli tech, with significantly larger cheque sizes.
• IVP (Institutional Venture Partners): IVP is a later-stage venture capital and growth-equity firm focused on US technology companies. Comparable as a broad incumbent focused on growth-stage tech investing, including secondary purchases of VC portfolio positions.
• Permira: Permira operates a global private equity platform with growth and buyout strategies across technology and consumer. Comparable to Alicorn in growth-stage tech investing and in using PE-style techniques, but at much larger scale and without the secondary-dominant emphasis.
• Warburg Pincus: Warburg Pincus is a global growth-equity and private equity firm with deep exposure to technology, including active investment in Israeli tech. Overlaps with Alicorn on late-stage growth tech deal sourcing but with substantially larger fund vehicles.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/alicorn-vp

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments15 records

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

Frequently asked questions about Alicorn Venture Partners