Greenoaks Capital
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Last reviewed
Jun 9, 2026
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Source-backed
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Greenoaks Capital is a San Francisco investment firm founded in 2012 by Neil Mehta and Benny Peretz. The firm runs a concentrated, long-horizon, high-conviction strategy, making a small number of large investments in growth-stage technology companies and holding them across multiple private rounds and into the public markets. As of 2025 Greenoaks managed roughly $12.6 billion to $15 billion across its funds, and the firm has reported a net internal rate of return of about 33 percent over its first 13 years. Greenoaks is best known for an early bet on the South Korean e-commerce company Coupang that returned several billion dollars, and since 2023 it has become one of the most active large-check backers of artificial intelligence companies, including Anthropic, Sierra, Scale AI, and Databricks.
Greenoaks was started in 2012 by Neil Mehta, then 27 years old, and his childhood friend Benny Peretz. Both had left the quantitative investment firm D.E. Shaw to launch the firm. Mehta grew up in Atherton, California, attended the Harker School and the London School of Economics, and worked at Kayne Anderson Capital Advisors in Los Angeles before joining D.E. Shaw, where he worked out of the Hong Kong office on special situations and real estate investments across India, Southeast Asia, and the Middle East. The firm takes its name from the street where Mehta grew up.
The first fund was small, at roughly $50 million. Mehta and Peretz concentrated it heavily, placing about 40 percent of that initial pool into Coupang. That single position eventually returned approximately $8 billion, an outcome that defined the firm's reputation and its investment style. Mehta is the founder and managing partner; Peretz is also a managing partner. Mehta has appeared on the Forbes Midas List of top investors, ranking ninth in 2022, and was named to the Forbes 30 Under 30 list in 2014.
Greenoaks runs a deliberately concentrated portfolio rather than a diversified venture book. The firm typically makes a relatively small number of large initial investments per fund and then maintains or increases those positions through subsequent financings and, in many cases, after a company goes public. Reporting and the firm's limited-partner materials describe initial checks generally in the tens of millions of dollars, concentrated across roughly a dozen-plus companies per fund.
The firm describes its goal as identifying the small set of companies it believes can become durable, large-scale public businesses, and it emphasizes sustainable unit economics, free cash flow, and strong customer demand as signals. Greenoaks keeps a low public profile, operating with a small investment team and a dedicated internal research group. Its mandate is global, with investments split between North America and international markets across Southeast Asia, India, Europe, and Latin America, though the firm has said it does not invest directly in China.
A notable episode that reflects the firm's hands-on posture came in late 2022, when Bloomberg reported that Mehta warned Greenoaks portfolio companies about risks at Silicon Valley Bank months before the bank failed in March 2023. According to that reporting, around a dozen portfolio companies withdrew roughly $1 billion combined ahead of the collapse.
Greenoaks has raised a series of funds since 2012, growing from the roughly $50 million first vehicle to multibillion-dollar funds. The firm closed its sixth flagship fund, Greenoaks Capital Opportunities Fund VI, in 2025 at $2.5 billion, exceeding an initial target of about $2.25 billion. The prior fund, Fund V, was raised in a 2023 vintage. Public pension disclosures have reported strong returns for several of the firm's funds, including an internal rate of return of roughly 19 percent for its 2021 fund as of early 2025.
In addition to its commingled funds, Greenoaks has built separately managed accounts for large institutional investors. In October 2025 the New Mexico State Investment Council committed $75 million to a Greenoaks separately managed account. Across its vehicles the firm has reported managing roughly $12.6 billion to $15 billion. Greenoaks is registered as an investment adviser and files quarterly disclosures of its U.S.-listed public holdings, which in late 2025 were concentrated in names such as the used-car retailer Carvana and the corporate-travel company Navan.
Since 2023 Greenoaks has been among the more aggressive large-check investors in AI companies, spanning foundation-model developers, AI agent platforms, and the data and infrastructure layer.
The firm has invested in Anthropic, the developer of the Claude family of models. Anthropic listed Greenoaks among the significant investors in its Series G round, announced on February 12, 2026, which raised $30 billion at a $380 billion post-money valuation and was led by GIC and Coatue. Subsequent reporting, including by the Financial Times and The Information, said Greenoaks had agreed to co-lead a later $30 billion round at a roughly $900 billion pre-money valuation alongside Dragoneer, Sequoia Capital, and Altimeter Capital, with each co-lead reported to be committing about $2 billion. That later round was described as agreed or closing in mid-2026; readers should treat its precise terms as reported rather than firm-confirmed.
Greenoaks led the September 2025 financing for Sierra, the enterprise AI agent company founded by Bret Taylor and Clay Bavor. The $350 million round valued Sierra at $10 billion. Greenoaks had also led Sierra's earlier $175 million round in October 2024, and the company had raised $635 million in total across its first three rounds. Sierra builds customer-service AI agents for enterprises and counts companies such as SoFi, Ramp, and Brex among its customers, putting Greenoaks among the most committed backers of the AI agents category.
In the data and infrastructure layer, Greenoaks is an investor in Scale AI, the data-labeling and AI-data company; it co-led Scale's $325 million Series E in April 2021, which valued the company at $7.3 billion, alongside Dragoneer and Tiger Global. The firm is also a longtime investor in Databricks, the data and generative AI platform, having joined its Series G financing in 2021 and continued as an investor through later rounds. These positions place Greenoaks across the model, application, and infrastructure layers of the AI market rather than in a single segment, and reflect a 2024 to 2026 emphasis on AI within the firm's broader technology portfolio.
The table below summarizes several of Greenoaks' notable AI-related investments. Round leadership is attributed where it was clearly reported; for rounds where Greenoaks participated without leading, the role is noted as participant.
| Company | Round / Year | Greenoaks role |
|---|---|---|
| Anthropic | Series G, $30B at $380B post-money, February 2026 | Participant (significant investor) |
| Anthropic | Reported $30B round at ~$900B pre-money, mid-2026 | Reported co-lead (alongside Dragoneer, Sequoia, Altimeter) |
| Sierra | $350M at $10B, September 2025 | Lead |
| Sierra | $175M, October 2024 | Lead |
| Rippling | $500M Series E at $11.25B, 2024 | Lead |
| Scale AI | $325M Series E at $7.3B, April 2021 | Co-lead (with Dragoneer and Tiger Global) |
| Databricks | Series G at $28B, 2021; later rounds | Participant (existing investor) |
Beyond AI, Greenoaks has built a portfolio of growth-stage technology companies in commerce, fintech, security, design, and enterprise software. Its largest realized outcome remains Coupang, which completed its initial public offering on the New York Stock Exchange on March 11, 2021 at a valuation of roughly $60 billion. Greenoaks committed close to $1 billion to Coupang over multiple rounds, remained one of its largest shareholders after the listing, and Mehta has served on the Coupang board.
A second landmark exit came from the cloud-security company Wiz. Greenoaks led later financing rounds in Wiz and held about a 6 percent stake. When Google completed its $32 billion all-cash acquisition of Wiz in March 2026, that stake was reported to be worth roughly $2 billion. The Wiz outcome, one of the largest venture-backed cybersecurity exits on record, became a marquee result for the firm just as it was marketing Fund VI.
Greenoaks also led a $500 million financing for the HR and IT software company Rippling. That round, announced in 2024, valued Rippling at $11.25 billion. It was notable for its speed and timing: the deal came together over a single weekend in March 2023 as Silicon Valley Bank was failing, with Mehta and Rippling moving from initial conversation to signed term sheet within hours.
The firm's broader portfolio over the years has included consumer, fintech, and enterprise names such as Stripe, Canva, Figma, Klaviyo, Robinhood, Toast, Discord, Flipkart, Deliveroo, OYO Rooms, and Navan, among others. The combination of these positions, alongside the concentrated AI bets made since 2023, illustrates the firm's approach of placing a small number of large, long-held investments in companies it expects to become enduring market leaders. By comparison with broad-based venture firms such as Andreessen Horowitz, Greenoaks holds a far smaller number of positions at larger size per company.