B Capital

Overview

Multi-stage venture firm investing in technology, healthcare and energy/resilience companies, with separate early-stage (Ascent) and growth funds. It has a strategic partnership with Boston Consulting Group that gives portfolio companies access to BCG expertise. Its website lists San Francisco as headquarters and regional offices including Singapore, Doha, Hong Kong, New York, Austin and Manhattan Beach (where its fund entities file). AUM is the firm's own '$12+ billion' figure.

Notable portfolio companies

• Ninja Van
• MoEngage
• Evidation Health
• Eureka Robotics
• SolarSquare
• Overstory

Funds

LPs on the record

2 private foundations list on their latest IRS Form 990-PF, and 2 other LPs report holding B Capital’s funds.

• CalPERS Public pension plan · 6 funds
• New Mexico Educational Retirement Board (NMERB) Public pension plan · 4 funds
• Rasmuson Foundation Private foundation · 3 funds

One more LP is in the app. Find LPs that back firms like this one in Hottub’s LP Intelligence: ranked by overlap, with what each holds and how to reach it.

Firms whose LPs overlap

The firms sharing the most LPs on record with B Capital, relative to how many LPs each has. A peer set like this is what Find LPs ranks LPs from.

• Bessemer Venture Partners 2 LPs in common
• Bain Capital Ventures 2 LPs in common
• Thrive Capital 2 LPs in common

Find LPs for B Capital and these firms: Hottub ranks the LPs that hold their funds, the ones still adding funds first.

Track record

A score of 37 out of 100 from 4 of the 8 funds public LPs report, 1 of them in the top half of their vintage. Its ranked funds’ median TVPI is 1.14x and median DPI 0.07x. Pooled where reports give cash flows: 1.14x TVPI, 0.05x DPI. That ranks it 102nd of 123 managers with a score.

Each fund once, as the latest of 2 LPs’ reports ranks it by TVPI against funds of the same vintage in those reports; 50 is the median fund, and a short record is pulled toward 50. The full record in LP Intelligence, with each fund’s rank and what usually follows a fund like its latest, or every manager’s.

Reported fund performance

As reported by public LPs that invested in these funds, net of fees. “Versus vintage” ranks each fund against every other fund of the same vintage in that LP’s report, mostly private equity and venture funds. Open a fund for its cash flows and full peer ranking.

CalPERS: CalPERS Private Equity Program Fund Performance, as of December 31, 2025. Net IRR and investment multiple as reported by CalPERS. N/M (not meaningful) for funds in early years is shown as blank. View source

New Mexico Educational Retirement Board (NMERB): NMERB Quarterly Private Markets Performance Report, as of December 31, 2025. IRR as printed under "SI IRR" (since inception) in the "Analysis by Fund" table of NMERB's Quarterly Private Markets Performance Report, which is prepared by NEPC, LLC. The report does not label the IRR net or gross: its glossary says the IRR takes into account the timing of cash contributions to and distributions from the partnerships and the reported value, and its disclosures say returns are reported net of manager fees unless otherwise noted. Commitment, cumulative contributions, cumulative distributions, "Total Value" (distributions plus the reported valuation), DPI and TVPI are the report's own columns, in whole US dollars as printed; nothing is derived. "Vintage Year" is as printed; the report does not define it. All 129 investments in the table's Private Equity block are included as NMERB classifies them (the report's strategies are buyouts, co-investment, distressed, energy, growth equity, mezzanine, secondaries, special situations and venture capital), adding up to the block's Sub Total of $5,875,976,473 committed, $5,087,374,565 contributed, $4,588,145,978 distributed and $8,267,554,475 total value. 8 commitments had nothing contributed yet: the report prints 0.00 multiples for them, shown here as blank, and 8 funds in all have no IRR. The table's Private Debt (15 funds) and Real Assets (5 funds) blocks are not imported, and NMERB's separate infrastructure and real estate and natural resources reports are not either. View source