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Institutional LP Capital

The institutions that anchor venture funds — university endowments, foundations, public and corporate pensions, insurers and sovereign wealth funds. The permanent capital base of the asset class, and the LPs every established franchise is built on.

20 sources

Yale Investments Office

Notable

Firm

The endowment that wrote the playbook for venture LPs.

A concentrated roster of venture managers, held across decadesView

CalPERS

Firm

The largest U.S. pension, rebuilding its venture exposure.

Scaled venture and growth managers able to absorb large commitmentsView

CalSTRS

Firm

California's teachers' pension, a long-time venture LP.

Established venture managers directly; emerging managers via external programsView

CPP Investments

Firm

Canada's pension giant, active across funds and directs.

Scaled venture and growth franchises; late-stage co-investment partnersView

DUMAC (Duke)

Firm

Duke's investment office, an endowment-model venture LP.

Venture and private-markets managers across the size spectrumView

Ewing Marion Kauffman Foundation

Firm

The entrepreneurship foundation that told VCs hard truths.

Venture managers with disciplined fund sizes and aligned economicsView

Ford Foundation

Firm

One of the largest foundations, with a mission-investing mandate.

Established managers, plus mission-aligned and diverse emerging managersView

GIC

Firm

Singapore's sovereign fund and a leading global venture LP.

Established venture and growth managers globallyView
INS

Insurance Companies

Investor type

General-account capital with a growing venture appetite.

Established venture and growth managers; later-stage strategies with yield or downside structureView

MITIMCo

Firm

MIT's endowment — unusually open to small, unconventional managers.

Small, early and unconventional managers alongside established franchisesView

Mubadala Capital

Firm

Abu Dhabi's asset manager, active across venture and funds.

Venture and growth managers globally; strategic technology partnershipsView

PRINCO (Princeton)

Firm

Princeton's manager-of-managers endowment office.

A concentrated set of external managers across venture and private marketsView
PPF

Public Pension Funds

Investor type

Scale capital, consultant-gated, built for big funds.

Established venture and growth managers with institutional-grade operationsView
SWF

Sovereign Wealth Funds

Investor type

State capital that anchors funds and co-invests at scale.

Scaled venture and growth franchises; late-stage co-investment partnersView

Stanford Management Company

Firm

Stanford's endowment, wired into Silicon Valley venture.

Leading venture franchises and select next-generation managersView

Teacher Retirement System of Texas

Firm

A mega-pension with a serious emerging-manager program.

Established managers at scale; Fund I-III managers via the EM programView

Temasek

Firm

Singapore's state investor, deep in technology and venture.

Venture and growth managers globally, with a tilt toward Asia and technologyView
END

University Endowments

Investor type

The original venture LPs, with the longest horizons.

Top-decile venture franchises; selectively, emerging managers with distinctive accessView

Washington State Investment Board

Firm

One of the earliest and most committed pension PE programs.

Established venture, growth and buyout managers globallyView

William & Flora Hewlett Foundation

Firm

A Silicon Valley foundation running an endowment-style portfolio.

Venture and private-markets managers with institutional disciplineView
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