General · EdgepediaSeptember 17, 20267 min read

B Capital

B Capital is a global multi-stage venture capital firm cofounded by Facebook co-founder Eduardo Saverin and Raj Ganguly, a former Bain Capital executive, that invests from seed to late stage in technology, healthcare, and climate-related companies across the United States, Asia, and the Middle East. The firm reports approximately $11 billion in assets under management and more than 210 portfolio companies.¹

Key fact	Detail
Founded	2015 by Eduardo Saverin and Raj Ganguly (ex-Bain Capital); Howard Morgan is chairman and general partner²^•³
Assets under management	~$11 billion per the firm's own materials; press reports in 2026 give more than $12 billion¹^•³
Fund platform	Ascent I–III (~$900M total, seed to Series B), Growth I–IV (~$4.8B, Series B to pre-IPO), Opportunities I–II (~$1.2B, later-stage significant minority or control positions)¹
Flagship sizes	Debut fund $360M (2016); Growth Fund II $820M (2020); Growth Fund III $2.1B (2023); Ascent Fund III $500M hard cap (2026); Opportunities Fund II $750M (2024)²^•⁴^•⁵^•⁶
Geographic mix	Asia's share of investments grew from 25–30% to over 40%; about 90% of investments have been in the US and Asia; India is described as the primary market after the United States⁴^•⁷^•⁸
Strategic partner	Boston Consulting Group is the firm's biggest outside limited partner and provides a dedicated BCG partner, diligence and network access to portfolio companies⁹^•¹⁰
Reported performance	Ascent Fund I (2019): 34.3% gross IRR, 4.3x gross MOIC, 0.1x DPI; Growth Fund II (2019): 4.9% gross IRR, 1.3x gross MOIC, 0.1x DPI¹

History and founding

The firm was launched in 2015 by Eduardo Saverin, the Facebook co-founder, and Raj Ganguly, a veteran of the private-equity firm Bain Capital; Howard Morgan later served as chairman and general partner and is named by Forbes as a co-founder.²^•¹¹ The founding year itself is disputed: the firm's own March 2024 release and Economic Times say 2015, while Forbes says 2016.⁶^•¹¹

Fund-by-fund growth. The debut fund raised $360 million in 2016. The second flagship fund closed at $820 million in June 2020, more than double its predecessor, when the firm had about 70 staff.² In 2021 the firm raised its first dedicated early-stage fund with $250 million in commitments and a late-stage follow-on fund of $415 million, bringing assets under management to $6.3 billion.¹² Growth Fund III closed at $2.1 billion in January 2023, more than double Growth Fund II's $820 million corpus, with plans for 30 to 35 startups at roughly $50 million average checks and one third of the fund reserved for follow-ons.⁴

Investment strategy and stages

B Capital organizes its funds by stage. The Ascent series (about $900 million across three funds) covers seed to Series B; the Growth series (about $4.8 billion across four funds) covers Series B to pre-IPO; and the Opportunities series (about $1.2 billion across two funds) makes later-stage significant minority or control positions. The firm's target series fund size is $400 million.¹

Check sizes and selectivity. In its growth-stage years the firm typically invested $10–60 million in Series B, C, and D companies, with flexibility from $100,000 checks to investments above $100 million.² Ganguly described the model in 2019 as backing companies with customer traction growing at 100% or more a year, generally Series B or C with over $10 million in revenue, roughly $20 million checks, and about 20 companies per fund, mostly with a B2B angle.¹³ He has described the firm as a long-term investor prepared to hold positions for five or even 15 years, favoring startups with reasonable valuations and a balanced approach to growth and profitability.¹⁴

Sectors and geographic shift. The firm invests across technology, healthcare, and climate tech, and Ganguly has described it as "somewhat geographically agnostic" and thematically driven.⁶^•⁹ In an AVCJ interview he said the firm invests equally across three verticals, healthcare, financial services, and industrial and transportation, plus enterprise software as a horizontal.⁷ Target sectors later listed include artificial intelligence, healthcare, climate technology, cybersecurity, people-management solutions, and B2B.¹⁴ General Partner Karan Mohla has said the firm has shifted to a more sector-agnostic strategy with a focus on robotics and physical AI within deeptech.⁸

Geographically, Asia's share of investments grew from 25–30% to over 40% by early 2023, with India among its three biggest Asian markets alongside Indonesia and China; Ganguly observed at the time that valuations had decreased 15–25% across the board.⁴ About 90% of investments have been in the US and Asia.⁷ In India the firm plans to invest $50–100 million annually across its four global funds, sees India as its primary market after the United States, and writes typical checks of $5–20 million for Series A to C companies; Mohla noted a capital gap at Series B and C, where dedicated capital has thinned since 2022.⁸ The firm has been active in India since 2016, starting with Icertis and BlackBuck.³

The BCG partnership and value-add platform

Boston Consulting Group is B Capital's biggest outside limited partner (the partners themselves are the firm's biggest investors), and the strategic partnership gives portfolio companies a dedicated BCG partner who opens up BCG's resources and network.⁹ Ganguly described the use of the relationship as accelerating growth through introductions and C-level hiring for portfolio companies, most of which have a B2B angle.¹³ The firm also leverages BCG for diligence and to help portfolio companies grow their networks.¹⁰

Ganguly framed the model around four pillars: global thematic investing with one single team leveraging global data; deep local expertise in each market; being the highest value-add investor; and capital to fund companies as they scale.¹³ Internally, a platform team works with portfolio companies while a firm operations team supports internal operations; the firm grew to over 100 people across eight offices.⁷

Notable investments

The firm's largest early bets included Icertis, a Seattle-based contract lifecycle management software company, Evidation in California, and Ninja Van in Singapore.⁹ B Capital has backed Icertis since 2017, and in June 2023 Opportunities Fund II made its first investment through a secondary purchase in the company.⁶ In India the firm started with Icertis and BlackBuck in 2016.³ Its first Latin America investment was Yalochat, a Mexico-based AI conversational commerce platform, in 2020.¹⁰

Recent frontier bets. Ascent Fund III has already invested in more than 20 high-conviction companies across AI infrastructure, robotics, healthcare, and frontier technologies, including Apptronik, Havoc AI, and Star Catcher, which have raised substantial follow-on financings.⁵

By the numbers: performance and geographic mix

Fund-level performance figures show wide dispersion across the 2019 vintages. Ascent Fund I (2019) shows a 34.3% gross IRR, 25.5% net IRR, 4.3x gross MOIC, and 0.1x DPI, while Growth Fund II (2019) shows a 4.9% gross IRR, 1.7% net IRR, 1.3x gross MOIC, and 0.1x DPI.¹ DPI, the distributions-to-paid-in ratio, measures how much cash has actually been returned to investors relative to what they paid in; both 2019 funds sat at 0.1x, meaning nearly all of their reported value remained unrealized.

The same materials show the pattern across other funds. Growth Fund I (2016) shows 15.1% gross IRR, 2.1x gross MOIC, and 0.9x DPI. Growth Fund III (2021) shows 8.8% gross IRR and 1.3x gross MOIC at 0.1x DPI, and Healthcare Fund I (2021) shows 12.7% gross IRR and 1.4x gross MOIC. Ascent Fund III (2024 vintage) shows a 155.8% gross IRR and 2.5x gross MOIC with 0.0x DPI, a paper mark on a young fund with no distributions. Growth Fund IV, Healthcare Fund II, and Energy AI Fund I are 2025 vintages marked NM (not meaningful).¹ Unrealized values dominate the younger funds.

Fundraising and limited partners

Outside limited partners include two sovereign wealth funds, a US nonprofit foundation, pension funds, and family offices, which became the majority of the second flagship fund's investors in 2020.² BCG is the biggest outside LP.⁹

Fundraising continued through the venture downturn. Opportunities Fund II closed at $750 million on March 19, 2024, nearly double its predecessor, investing in later-stage technology, healthcare, and climate tech across North America and Asia.⁶ Ascent Fund III closed oversubscribed at its $500 million hard cap.⁵ The firm also maintains a $500 million co-invest fund alongside its flagship vehicles.¹⁵

References

Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity

Initially written Sep 17, 2026 · Reviewed: Oct 10, 2026 · Edited: Oct 10, 2026; Oct 11, 2026; Oct 25, 2026 · Last review: Oct 10, 2026

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