From T. Rowe Price to BlackRock to Fidelity to Wellington Management, the rise of mutual funds (and hedge funds) in the private tech markets has come quickly as the funds try to get access to future IPOs early.
Among the 10 most highly valued venture-backed tech companies with investment from mutual funds, only 3 of 10 are enterprise – Cloudera, Pure Storage and MongoDB.
As the chart below highlights, a mutual fund investor has invested in all three of the U.S.-based companies currently in the $10B club including Uber, Dropbox and AirBnB. (Note: Snapchat, which is rumored to be raising at a $10B valuation, has not raised investment from mutual funds)
T. Rowe Price is most prominent – with stakes in 7 of the 10 most highly valued firms. In aggregate, the 10 companies have already raised over $7B to date and command over $60B in value in the private markets. The full list below.
Mutual fund proclivity for consumer tech companies is perhaps only logical given that venture capital’s largest exits are dominated by consumer tech.
All of the underlying mutual fund investor data can be found on the CB Insights venture capital database. Sign up for free below.
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