# B Capital
**B Capital** is a global multi-stage venture capital firm cofounded by Facebook co-founder [Eduardo Saverin](https://www.edgepedia.org/eduardo-saverin) and [Raj Ganguly](https://www.edgepedia.org/raj-ganguly), a former [Bain Capital](https://www.edgepedia.org/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](https://b.capital/wp-content/uploads/2026/05/BCG-WWOM-Materials-June2026-v3PRINT.pdf)
| Key fact | Detail |
|---|---|
| Founded | 2015 by Eduardo Saverin and Raj Ganguly (ex-Bain Capital); Howard Morgan is chairman and general partner[2](https://techcrunch.com/2020/06/30/facebook-cofounder-saverins-b-capital-just-closed-its-second-flagship-fund-with-822-million/) • [3](https://economictimes.indiatimes.com/tech/funding/meesho-dailyhunt-investor-b-capital-closes-500-million-early-stage-fund/articleshow/132220672.cms) |
| Assets under management | ~$11 billion per the firm's own materials; press reports in 2026 give more than $12 billion[1](https://b.capital/wp-content/uploads/2026/05/BCG-WWOM-Materials-June2026-v3PRINT.pdf) • [3](https://economictimes.indiatimes.com/tech/funding/meesho-dailyhunt-investor-b-capital-closes-500-million-early-stage-fund/articleshow/132220672.cms) |
| 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](https://b.capital/wp-content/uploads/2026/05/BCG-WWOM-Materials-June2026-v3PRINT.pdf) |
| 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](https://techcrunch.com/2020/06/30/facebook-cofounder-saverins-b-capital-just-closed-its-second-flagship-fund-with-822-million/) • [4](https://economictimes.indiatimes.com/tech/funding/b-capital-closes-third-growth-fund-at-2-1-billion-to-ramp-up-india-bets/articleshow/97138394.cms) • [5](https://apnews.com/press-release/business-wire/press-release-939512ea2f774b3299e73bd3744495a5) • [6](https://b.capital/news-article/b-capital-closes-opportunities-fund-ii-at-750-million/) |
| 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 States[4](https://economictimes.indiatimes.com/tech/funding/b-capital-closes-third-growth-fund-at-2-1-billion-to-ramp-up-india-bets/articleshow/97138394.cms) • [7](https://www.avcj.com/avcj/interview/3023680/q-a-b-capital-s-raj-ganguly) • [8](https://www.newsbytesapp.com/news/business/b-capital-to-invest-50-100m-annually-in-india/story) |
| 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 companies[9](https://techcrunch.com/2020/02/07/catching-up-with-b-capital-the-fast-growing-firm-founded-by-eduardo-saverin-and-raj-ganguly/) • [10](https://www.bloomberglinea.com/english/saverins-b-capital-opens-office-in-miami-eyes-investments-in-latam-tech-startups/) |
| 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 DPI[1](https://b.capital/wp-content/uploads/2026/05/BCG-WWOM-Materials-June2026-v3PRINT.pdf) |
## 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](https://techcrunch.com/2020/06/30/facebook-cofounder-saverins-b-capital-just-closed-its-second-flagship-fund-with-822-million/) • [11](https://www.forbes.com/sites/yessarrosendar/2026/07/08/billionaire-eduardo-saverin-backed-b-capital-raises-500-million-to-fund-early-stage-startups/) The founding year itself is disputed: the firm's own March 2024 release and Economic Times say 2015, while Forbes says 2016.[6](https://b.capital/news-article/b-capital-closes-opportunities-fund-ii-at-750-million/) • [11](https://www.forbes.com/sites/yessarrosendar/2026/07/08/billionaire-eduardo-saverin-backed-b-capital-raises-500-million-to-fund-early-stage-startups/)
**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](https://techcrunch.com/2020/06/30/facebook-cofounder-saverins-b-capital-just-closed-its-second-flagship-fund-with-822-million/) 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](https://www.avcj.com/avcj/news/3028524/b-capital-raises-usd21bn-for-latest-global-vc-funds) 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](https://economictimes.indiatimes.com/tech/funding/b-capital-closes-third-growth-fund-at-2-1-billion-to-ramp-up-india-bets/articleshow/97138394.cms)
## Investment strategy and stages
B Capital organizes its funds by stage. [The Ascent](https://www.edgepedia.org/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](https://b.capital/wp-content/uploads/2026/05/BCG-WWOM-Materials-June2026-v3PRINT.pdf)
**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](https://techcrunch.com/2020/06/30/facebook-cofounder-saverins-b-capital-just-closed-its-second-flagship-fund-with-822-million/) 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](https://www.forbes.com/sites/pamelaambler/2019/10/13/from-silicon-valley-to-singapore-eduardo-saverin-and-vc-partners-approach-to-accelerate-innovation/) 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](https://theedgemalaysia.com/node/708992)
**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](https://b.capital/news-article/b-capital-closes-opportunities-fund-ii-at-750-million/) • [9](https://techcrunch.com/2020/02/07/catching-up-with-b-capital-the-fast-growing-firm-founded-by-eduardo-saverin-and-raj-ganguly/) 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](https://www.avcj.com/avcj/interview/3023680/q-a-b-capital-s-raj-ganguly) Target sectors later listed include artificial intelligence, healthcare, climate technology, cybersecurity, people-management solutions, and B2B.[14](https://theedgemalaysia.com/node/708992) 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](https://www.newsbytesapp.com/news/business/b-capital-to-invest-50-100m-annually-in-india/story)
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](https://economictimes.indiatimes.com/tech/funding/b-capital-closes-third-growth-fund-at-2-1-billion-to-ramp-up-india-bets/articleshow/97138394.cms) About 90% of investments have been in the US and Asia.[7](https://www.avcj.com/avcj/interview/3023680/q-a-b-capital-s-raj-ganguly) 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](https://www.newsbytesapp.com/news/business/b-capital-to-invest-50-100m-annually-in-india/story) The firm has been active in India since 2016, starting with [Icertis](https://www.edgepedia.org/icertis) and BlackBuck.[3](https://economictimes.indiatimes.com/tech/funding/meesho-dailyhunt-investor-b-capital-closes-500-million-early-stage-fund/articleshow/132220672.cms)
## The BCG partnership and value-add platform
[Boston Consulting Group](https://www.edgepedia.org/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](https://techcrunch.com/2020/02/07/catching-up-with-b-capital-the-fast-growing-firm-founded-by-eduardo-saverin-and-raj-ganguly/) 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](https://www.forbes.com/sites/pamelaambler/2019/10/13/from-silicon-valley-to-singapore-eduardo-saverin-and-vc-partners-approach-to-accelerate-innovation/) The firm also leverages BCG for diligence and to help portfolio companies grow their networks.[10](https://www.bloomberglinea.com/english/saverins-b-capital-opens-office-in-miami-eyes-investments-in-latam-tech-startups/)
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](https://www.forbes.com/sites/pamelaambler/2019/10/13/from-silicon-valley-to-singapore-eduardo-saverin-and-vc-partners-approach-to-accelerate-innovation/) 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](https://www.avcj.com/avcj/interview/3023680/q-a-b-capital-s-raj-ganguly)
## Notable investments
The firm's largest early bets included Icertis, a Seattle-based contract lifecycle management software company, Evidation in California, and [Ninja Van](https://www.edgepedia.org/ninja-van) in Singapore.[9](https://techcrunch.com/2020/02/07/catching-up-with-b-capital-the-fast-growing-firm-founded-by-eduardo-saverin-and-raj-ganguly/) 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](https://b.capital/news-article/b-capital-closes-opportunities-fund-ii-at-750-million/) In India the firm started with Icertis and BlackBuck in 2016.[3](https://economictimes.indiatimes.com/tech/funding/meesho-dailyhunt-investor-b-capital-closes-500-million-early-stage-fund/articleshow/132220672.cms) Its first Latin America investment was Yalochat, a Mexico-based AI conversational commerce platform, in 2020.[10](https://www.bloomberglinea.com/english/saverins-b-capital-opens-office-in-miami-eyes-investments-in-latam-tech-startups/)
**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](https://www.edgepedia.org/apptronik), Havoc AI, and Star Catcher, which have raised substantial follow-on financings.[5](https://apnews.com/press-release/business-wire/press-release-939512ea2f774b3299e73bd3744495a5)
## 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](https://b.capital/wp-content/uploads/2026/05/BCG-WWOM-Materials-June2026-v3PRINT.pdf) 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](https://b.capital/wp-content/uploads/2026/05/BCG-WWOM-Materials-June2026-v3PRINT.pdf) 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](https://techcrunch.com/2020/06/30/facebook-cofounder-saverins-b-capital-just-closed-its-second-flagship-fund-with-822-million/) BCG is the biggest outside LP.[9](https://techcrunch.com/2020/02/07/catching-up-with-b-capital-the-fast-growing-firm-founded-by-eduardo-saverin-and-raj-ganguly/)
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](https://b.capital/news-article/b-capital-closes-opportunities-fund-ii-at-750-million/) Ascent Fund III closed oversubscribed at its $500 million hard cap.[5](https://apnews.com/press-release/business-wire/press-release-939512ea2f774b3299e73bd3744495a5) The firm also maintains a $500 million co-invest fund alongside its flagship vehicles.[15](https://pitchbook.com/profiles/fund/23840-20F)
## References
1. [B Capital firm materials (June 2026)](https://b.capital/wp-content/uploads/2026/05/BCG-WWOM-Materials-June2026-v3PRINT.pdf)
2. [Facebook co-founder Saverin's B Capital just closed its second flagship fund with $822 million, TechCrunch (June 30, 2020)](https://techcrunch.com/2020/06/30/facebook-cofounder-saverins-b-capital-just-closed-its-second-flagship-fund-with-822-million/)
3. [Meesho, Dailyhunt investor B Capital closes $500 million early-stage fund, Economic Times (2026)](https://economictimes.indiatimes.com/tech/funding/meesho-dailyhunt-investor-b-capital-closes-500-million-early-stage-fund/articleshow/132220672.cms)
4. [B Capital closes third growth fund at $2.1 billion to ramp up India bets, Economic Times (January 2023)](https://economictimes.indiatimes.com/tech/funding/b-capital-closes-third-growth-fund-at-2-1-billion-to-ramp-up-india-bets/articleshow/97138394.cms)
5. [B Capital Closes Oversubscribed Ascent Fund III at $500 Million Hard Cap, Business Wire via AP](https://apnews.com/press-release/business-wire/press-release-939512ea2f774b3299e73bd3744495a5)
6. [B Capital Closes Opportunities Fund II at $750 Million (March 19, 2024)](https://b.capital/news-article/b-capital-closes-opportunities-fund-ii-at-750-million/)
7. [Q&A: B Capital's Raj Ganguly, AVCJ](https://www.avcj.com/avcj/interview/3023680/q-a-b-capital-s-raj-ganguly)
8. [Facebook co-founder's venture firm to invest $50-100M annually in India, Newsbytes (citing Mint)](https://www.newsbytesapp.com/news/business/b-capital-to-invest-50-100m-annually-in-india/story)
9. [Catching up with B Capital, TechCrunch (February 7, 2020)](https://techcrunch.com/2020/02/07/catching-up-with-b-capital-the-fast-growing-firm-founded-by-eduardo-saverin-and-raj-ganguly/)
10. [Saverin's B Capital Opens Office in Miami, Eyes Investments In LatAm Tech Startups, Bloomberg Línea](https://www.bloomberglinea.com/english/saverins-b-capital-opens-office-in-miami-eyes-investments-in-latam-tech-startups/)
11. [Billionaire Eduardo Saverin-Backed B Capital Raises $500 Million To Fund Early Stage Startups, Forbes (July 8, 2026)](https://www.forbes.com/sites/yessarrosendar/2026/07/08/billionaire-eduardo-saverin-backed-b-capital-raises-500-million-to-fund-early-stage-startups/)
12. [B Capital raises $2.1bn for latest global VC funds, AVCJ](https://www.avcj.com/avcj/news/3028524/b-capital-raises-usd21bn-for-latest-global-vc-funds)
13. [Borderless Investing: Eduardo Saverin And Raj Ganguly Grow B Capital, Forbes (October 13, 2019)](https://www.forbes.com/sites/pamelaambler/2019/10/13/from-silicon-valley-to-singapore-eduardo-saverin-and-vc-partners-approach-to-accelerate-innovation/)
14. [Feature: US-based B Capital to set up office in Malaysia, The Edge Malaysia](https://theedgemalaysia.com/node/708992)
15. [B Capital Co-Invest Fund: Performance, PitchBook](https://pitchbook.com/profiles/fund/23840-20F)
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*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*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license