Cybersecurity

LPs in past funds include San Francisco Employees Retirement System, Denver Employees Retirement Plan, State of Wisconsin Investment Board, University of Hawaii Foundation and UPMC Master Trust.

The reach of artificial intelligence now spans the entire drug pipeline, prompting Big Pharma to reconsider outsourcing innovation.

The firm's eighth flagship has raised $350m to invest in companies developing 'picks and shovels' for AI.

With commitments from returning LPs, as well as new endowments, family offices and its first two public pension plans, the new fund has made 12 investments to date.

The Nashville-based firm invests mostly in early-stage companies targeting marketplaces and e-commerce, edtech, fintech, sports tech, health IT and travel tech.

Limited partners in prior funds include Argyros Family Foundation and Oregon Growth Board.

Six IPOs for portfolio companies in the last eight years, steady distributions and a healthy re-up rate helped the product-led VC firm expand its institutional LP base.

Senior executives and domain experts enable portfolio companies to grow more quickly and gain a competitive edge over peers developing AI-native platforms.

Seeing the impact of AI on the VC industry, Cheng was re-evaluating how to be most useful to founders as an investor and liked Costanoa’s level of dedication to a smaller portfolio of start-ups.