About This Fund
Lightspeed Co-Investment Fund I, L.P. is a co-investment vehicle managed by Lightspeed Management Company, L.L.C. (Lightspeed Venture Partners), one of the world's leading multi-stage venture capital firms headquartered at 2200 Sand Hill Road in Menlo Park, California. Founded in 2000, Lightspeed manages over USD 40 billion in assets under management with offices across the United States, Europe, Israel, India and Southeast Asia. The fund's original Form D was filed with the SEC on April 7, 2025 (CIK 0002055513), establishing the 2025 vintage. It reached its final close of USD 601.3 million on December 16, 2025 as part of Lightspeed's record USD 9 billion-plus simultaneous fundraise across six vehicles — the largest capital raise in the firm's 25-year history. The fund is incorporated in Delaware and the GP entities are Lightspeed General Partner Co Investment Fund I, L.L.C. and Lightspeed Management Company, L.L.C., with general partners Arif Janmohamed, Ravi Mhatre and Bejul Somaia.
The fund is structured specifically to co-invest alongside Lightspeed's primary managed vehicles — including Lightspeed Venture Partners Fund XV-A (USD 980 million), XV-B (USD 1.2 billion), and the Opportunity Fund III (USD 3.3 billion) — rather than deploying capital independently. This architecture enables select investors to participate directly in specific transactions alongside the flagship funds at high conviction, gaining additional exposure without the full diversification commitment of a primary fund. The fund employs Regulation D exemptions (Rule 506(b), Section 3(c) and 3(c)(7)) and is open to qualified purchasers. As a co-investment vehicle with no independent sector mandate, its exposure mirrors the Lightspeed platform: enterprise software, consumer technology, fintech, healthcare and artificial intelligence across the United States, Europe, Israel, India and Southeast Asia.
The fund benefits directly from Lightspeed's 25-year track record and portfolio of over 112 unicorns. Platform companies that co-investors may access include Anthropic, xAI, Databricks, Mistral, Glean, Wiz, Rubrik, Stripe, Snap, Affirm, Epic Games and Grafana. At the time of the 2025 fundraise, Lightspeed had backed 165 AI-native companies, investing over USD 5.5 billion in the category, and returned USD 8 billion from current and active funds over the five preceding years. The co-investment structure positions Lightspeed Co-Investment Fund I as an efficient instrument for investors seeking concentrated exposure to Lightspeed's highest-conviction deployment decisions.