CENDANA CAPITAL

Thesis

Cendana Capital, founded in 2010 and based in San Francisco, operates as a fund of funds manager with a global focus on early-stage venture capital, specifically seed and pre-seed stages. Their strategy is to invest in and partner with next-generation venture capital firms, often backing solo GPs, with the goal of providing institutional investors access to promising early-stage ventures. They believe smaller, early-stage funds can generate strong returns. The firm's geographic scope is global, with a significant presence in the United States, but also includes investments in international managers. Cendana Capital employs a hybrid structure, combining fund-of-funds commitments with a direct deal program, executing co-investments alongside their chosen managers. Their primary sectors of focus include Software, Hardware, Cybersecurity, Internet, Information Technology, Enterprise Applications, and FinTech. Cendana Capital is known for its data-driven approach, utilizing structured and unstructured data for sourcing and investment decisions. As of August 2024, the firm had over $2.6 billion in AUM, with more recent reports indicating AUM exceeding $2.7 billion. Cendana 6, launched in March 2025, surpassed a $400 million hard cap. Previously, they raised a $195 million fourth fund and an $80 million third fund in 2017. In September 2023, they announced raising approximately $470 million across global strategies, including $340 million for Cendana 5. While specific check sizes per deal are not explicitly detailed, Cendana Capital has historically written checks of approximately $15 million per fund to its 'core' managers, and $7.5 million to each GP for its international fund.

Related lists

• Pre-seed Fintech investors
• Pre-seed Security investors
• Seed-stage Fintech investors