Agate Capital

Agate Capital targets growth equity and pre-IPO stages, typically investing after a company has achieved product-market fit and reached $10 million to $50 million in recurring revenue. The firm writes initial checks between $10 million and $75 million, serving as the first institutional capital provider for many portfolio companies. Agate maintains reserves for follow-on investments in subsequent financing rounds.

Agate employs a relationship-driven sourcing model, leveraging deep networks within the San Francisco enterprise software ecosystem and executive operating-partner relationships. The firm's lean portfolio construction — typically two to four new platform investments per year — allows it to focus on a small number of deeply sourced opportunities rather than competing broadly in auction-driven processes. This concentrated approach often accesses companies through founder and operator referrals.

Agate concentrates on enterprise software, applied artificial intelligence, and machine learning infrastructure companies. The firm focuses on vertical B2B outcomes — businesses selling specialized software and AI tools into specific industries rather than horizontal platforms. This sector focus reflects a thesis that durable returns in enterprise technology come from deep domain expertise rather than generalized applications.

Agate Capital structures investments through both traditional limited partnership vehicles and co-investment special purpose vehicles (SPVs) for select LPs. This dual structure allows the firm to offer direct co-investment access to family offices and endowments alongside its primary fund commitments. The firm does not publicly operate as a fund-of-funds or allocate externally to third-party managers.

Agate Capital selectively co-invests alongside other growth equity firms, with known participation in syndicates that include Insight Partners and Francisco Partners. The firm offers co-investment SPVs to certain LPs, suggesting a collaborative approach where deal size or syndicate construction benefits from partnership. Agate's concentrated model means it typically leads or meaningfully co-leads its positions rather than taking passive minority stakes.