Consumer Internet

Google has launched the AI Futures Fund, a strategic initiative designed to empower startups working in artificial intelligence. The fund provides early access to cutting-edge models from Google DeepMind, such as Gemini (for advanced reasoning), Imagen (image generation), and Veo (video generation). These tools give startups a technological edge in developing their AI solutions. In addition to product access, the AI Futures Fund makes direct equity investments in selected startups. Beneficiaries also receive generous Google Cloud credits and hands-on mentorship from Google’s experts in AI research, engineering, and business development. This holistic support model is aimed at helping startups quickly iterate, scale, and go to market. The fund accepts applications on a rolling basis, without fixed deadlines. By offering capital, infrastructure, and deep expertise, Google aims to accelerate the development of transformative AI applications across a broad range of industries.

AVP Growth Fund I is a €1.5 billion late-stage technology investment fund launched by AVP (Atlantic Vantage Point), formerly known as AXA Venture Partners. The fund is supported by anchor commitments from AXA and the European Investment Fund (EIF) as part of the European Tech Champions Initiative (ETCI). This initiative aims to bolster Europe's late-stage tech funding landscape and support rapidly growing, large technology companies. The fund targets high-growth European technology companies, providing substantial investments to help them scale and compete globally. AVP Growth Fund I has already completed investments in companies such as Agicap and Odoo, demonstrating its commitment to fostering European tech champions. AVP operates as an independent global investment platform with a transatlantic presence, managing over €2.5 billion across various investment strategies, including venture, early growth, growth, and fund of funds. The firm leverages its extensive network and expertise to support entrepreneurs from early stages to IPO, aiming to create a robust European alternative to U.S. growth funds and sovereign wealth capital.

The Bewater II FCRE fund is a closed‐end European venture capital vehicle managed by Bewater Asset Management, aimed at delivering attractive returns by investing in privately‐held technology companies in Spain and Portugal. The fund targets companies which are already generating revenue, ideally with positive cash flow or clear path to it, and leverages the team’s extensive experience of more than 80 years together in private company investment. Investments are directed both through primary offerings and — with preference — via secondary transactions (that is, acquiring equity stakes from existing shareholders). The fund seeks to invest in companies that grow at least 30% annually, have valuations above €3 million, and typically valuations no more than 10 × sales. The vehicle has a target size of approximately €40 million, and is structured with a ten‐year life (with possible extensions of two years). Management fees are set at 1% on invested capital, and a carried interest (success fee) of 25% with a preferred return of 6% per annum for investors. The fund emphasises alignment of interests: the investment committee, which includes the founders of Bewater and well‑known Spanish investors, will invest c.€2.75 million into the selected companies, approximately half via the fund and half via dedicated single‑investment vehicles. The fund takes minority stakes (typically up to ~30%) and aims for governance structures that align with entrepreneur and investor interests rather than investor‑only protections.

ECP Growth, formerly known as Emil Capital Partners, is a growth-stage investment firm dedicated to partnering with entrepreneurial businesses that create innovative products, solutions, and technologies within the consumer value chain. Established in 2011 in collaboration with the Tengelmann Group, a 150-year-old family-owned holding company, ECP Growth leverages deep industry expertise to support companies in navigating complex growth challenges. With the recent close of its $100 million Fund IV, ECP Growth aims to invest in high-potential companies situated at the intersection of significant market transformations and evolving consumer needs. The firm adopts a thematic investment approach, focusing on sectors that enhance human mobility across life stages, deliver personalized health and wellness experiences, and optimize resource efficiency in daily living. ECP Growth typically partners with companies generating over $10 million in revenue, offering investment sizes ranging from $5 million to $20 million. The firm emphasizes businesses that demonstrate a clear path to profitability within 18 months, ensuring both immediate growth potential and sustainable long-term value.

Eurazeo Growth Fund IV is a European growth‑phase private equity vehicle co‑managed by Eurazeo and Idinvest Partners and headquartered in Paris. It focuses on backing scale‑up companies through tickets of €25–100 million per investment. The fund invests in digital transformation leaders across fintech, enterprise software, digital health, marketplaces, cybersecurity, and infra‑tech. Its first investment was in Cognigy—a business‑productivity software firm—on June 11, 2024, signaling a strong entry into deep tech and AI opportunities. By end‑2024, EGF IV achieved ~5% gross value uplift from its early portfolio, aligned with Eurazeo’s performance track record in growth funds, and continues to leverage the firm’s operational and international ecosystem to support expansion and exits across European markets.

First Round Capital X is the tenth flagship venture fund of First Round, focused on early-stage technology, AI, fintech, consumer, web3, and adjacent sectors. It aims to back visionary founding teams with differentiated insight into market opportunities. The fund’s strategy is hands-on: investing at seed and Series A stages, embedding operational support, recruiting, product & go-to-market growth, and leveraging First Round’s network and resources to accelerate scaling. The target fund size is USD 500 million, reflecting significant ambition and fundraising momentum. First Round X builds on the firm’s deep prior experience and brand to source high-potential deals and back breakout outcomes. While the primary focus is U.S.-based startups, the fund remains open to globally distributed or cross-border teams that align with its sector themes and market potential. The objective is differentiated returns via early-stage exposure backed by strong support and conviction.

Founders Fund Growth III is the third growth-stage venture fund from Founders Fund, a San Francisco-based firm co-founded by Peter Thiel. The fund closed at $4.6 billion in April 2025, surpassing its initial $3 billion target, with participation from 270 limited partners. This fund focuses on late-stage investments in sectors such as artificial intelligence, defense technology, and advanced manufacturing. Founders Fund aims to support companies that are developing transformative technologies with significant long-term impact. With a history of backing companies like SpaceX, Stripe, and Anduril, Founders Fund Growth III continues the firm's strategy of investing in high-growth startups poised to become industry leaders.

G Squared VII LP is the $2 billion seventh flagship fund by G Squared, a global venture capital firm. This marks a significant increase from its previous fund, G Squared VI, which closed at $1.1 billion in 2024. The firm continues its strategy of investing in growth-stage technology companies through both primary and secondary transactions, providing capital and liquidity solutions to dynamic tech enterprises and their stakeholders. With a history of backing companies like Airbnb, Coursera, Instacart, and Spotify, G Squared focuses on sectors such as SaaS, fintech, insurtech, mobility, and consumer internet. The firm operates globally, with offices in Chicago, San Francisco, Zurich, and Miami, and has invested in over 130 portfolio companies since its inception in 2011. G Squared's investment approach addresses the evolving needs of private companies that are staying private longer, requiring both growth capital and liquidity for early investors and employees. By participating in primary and secondary markets, including structured primaries and employee tenders, G Squared aims to support companies throughout their lifecycle, offering a differentiated strategy compared to traditional venture capital firms.

Menlo Inflection IV, L.P. is a late‑stage venture capital fund managed by Menlo Ventures, legally domiciled in Delaware with operational headquarters in Menlo Park, California. It was launched in 2025 and belongs to Menlo’s Inflection Fund series aimed at bridging early‑stage investing and mega‑growth funding. The fund targets approximately $800 million in capital commitments, as disclosed in SEC filings in early September 2025. Menlo Inflection IV focuses on companies at the 'inflection stage'—high‑momentum startups with growing product‑market fit, efficient unit economics, and a lower risk profile than typical early‑stage ventures. The fund is expected to collaborate closely with Menlo’s early‑stage funds to identify standout late‑stage opportunities. The general partner leadership team includes Venky Ganesan, Shawn Carolan, and Matthew Murphy, reflecting continuity across Menlo’s recent fund strategy.

Menlo Ventures XVII is an early-stage venture capital fund managed by Menlo Ventures, legally domiciled in Delaware and headquartered in Menlo Park, California. Officially formed in August 2025, the fund aims to back early-growth technology startups with long-term disruptive potential. The fund is targeting investments in 30 to 40 companies, typically writing checks between $8 million and $15 million. This capital deployment strategy aligns with Menlo Ventures' mission to support startups from seed through early expansion, providing not just capital, but also strategic and operational guidance. The fund’s general partners include prominent investors such as Venky Ganesan, Shawn Carolan, and Matt Murphy, who are key figures in the Menlo Ventures leadership team. Their combined track record includes successful investments in high-profile companies across multiple sectors. Menlo Ventures XVII is part of the firm’s broader strategy to expand its footprint in areas like artificial intelligence, enterprise software, healthcare, and fintech. The fund continues Menlo’s legacy of identifying and supporting companies positioned to lead their industries through innovation.

Oakley Capital Fund VI is the sixth flagship fund from pan-European private equity manager Oakley Capital. Launched in September 2024 and closed in March 2025, the fund raised €4.5 billion — reaching its hard cap in just six months — and marking a 58% increase over its predecessor, Fund V. This successful raise reflects strong investor demand and continued confidence in Oakley’s distinctive investment strategy. The fund focuses on acquiring founder-led, mid-market private companies across Europe. It aims to drive growth through buy-and-build strategies, operational transformation, and international expansion. With a larger pool of capital than prior funds, Fund VI offers enhanced flexibility — allowing Oakley to pursue a higher volume of transactions or commit more capital per deal. Oakley Capital Fund VI concentrates on four core sectors: Technology, Digital Consumer, Business Services, and Education. These verticals are chosen for their strong fundamentals, growth potential, and consolidation opportunities. Oakley leverages its expertise and network to support companies in scaling operations, improving margins, and executing M&A strategies. While its primary geographic focus is Europe, Oakley places particular emphasis on Iberia (Spain and Portugal), where it sees significant growth and deal origination opportunities. The fund typically targets companies with enterprise values ranging from €200 million up to €1 billion+, operating in fast-growing niches with recurring revenues and strong EBITDA margins. Oakley’s global LP base also positions it to support internationalization and cross-border expansion.

Sixth Street Opportunities Partners VI is a flexible, all-weather investment vehicle that seeks to capitalize on complex, high-value opportunities across the capital structure. The fund focuses on control-oriented transactions, asset opportunities, and corporate dislocations, employing a thematic and actively managed approach. The strategy is designed to provide downside protection while targeting attractive risk-adjusted returns. Investments may include control or minority equity, preferred equity, debt, or hybrid instruments, tailored to the specific needs of each opportunity. Sixth Street leverages its deep sector expertise and global platform to source and execute investments that are often complex and require bespoke solutions. The fund aims to deliver value through active management and strategic partnerships.

TPG Growth VI, L.P. is a growth equity investment vehicle launched in 2023 by TPG Growth, aimed at partnering with high-momentum companies at the expansion stage. As a feeder fund, the Cayman Islands entity channels capital into the Master Fund, providing exposure to TPG’s global pipeline of growth-stage opportunities while leveraging its operational and sector expertise. The fund focuses on making 20 to 25 investments, targeting up to $300 million in developed markets and up to $150 million in India per deal. It deploys capital across industries including software & enterprise technology, internet, digital media & communications, healthcare, and business services, sectors where TPG Growth has demonstrated strong conviction and value-creation capabilities. With its base in Fort Worth, the fund’s structure as a feeder enhances its accessibility to international investors while maintaining a disciplined investment horizon. The fund’s development mirrors TPG’s 2023 strategy, including ambitious fundraising goals and confidence in the potential of growth equity amid evolving market conditions. Investment commitments are being actively raised, with approximately $2.08 billion raised in updated filings as of September 25, 2024, reflecting strong investor interest. The fund’s long-term orientation, diversified industry targeting, and geographical breadth suggest a strategic approach to capturing growth opportunities across markets.