General Catalyst’s eyes keep getting bigger.
A hospital. Customer Value Financing. A wealth manager.
Under the leadership of CEO Hemant Taneja, the firm has grand ambitions.
I’ve got my hands on documents that show how General Catalyst has presented itself to prospective investors.
The documents I’ve obtained are admittedly a little dated — they’re from a third quarter 2023 presentation on General Catalyst compiled by Goldman Sachs.
Still, the investment memo provides a detailed look at General Catalyst’s strategy and performance as it was raising its latest suite of venture capital funds.
General Catalyst is in the news with its announcement yesterday of its wealth management strategy led by a former First Republic wealth management head. General Catalyst now says its wealth management arm already has over $2.3 billion in assets under management. General Catalyst is also reportedly selling a stake in its management company.
GC is one of a handful of venture capital “megafunds” which have raised multi-billion funds across an increasing number of strategies. Think Andreessen Horowitz, Lightspeed Venture Partners, and NEA.
Under Taneja, the firm is amassing assets under management, taking cues from the private equity industry.
Tech Investor Fundraising As of Dec. 4, 2024
As of September 2024, General Catalyst boasted that it had over $32 billion in assets under management.
In October 2024, the firm announced $8 billion in new funds for its Fund XII, including $4.5 billion for the firm’s core VC funds, $1.5 billion for its creation strategy, and $2 billion of separately managed accounts.
I’ve got the documents for that fundraise, including details on the fund’s fees, historic fund performance, General Catalyst’s key partners, what the firm is looking for in its startup investments, and how the fund is positioning itself around themes like artificial intelligence.