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FPV Management
Mark Stevens's FPV Management invests his Netscreen and Sequoia Capital fortune in late-stage enterprise and frontier AI companies from San Francisco.
FPV Management
FPV Management was established in 2007 as the single-family office for Mark Stevens, whose wealth derives primarily from the 2004 sale of Netscreen Technologies — where he served as president and board member — to Juniper Networks in a $4 billion all-stock transaction. Before founding FPV, Stevens was a partner at Sequoia Capital from 1989 to 2000, backing companies such as NVIDIA, Yahoo, and Google during his tenure. This dual operating and venture capital background informs FPV's investment architecture. The office deploys capital across venture capital, growth equity, and public markets, with an emphasis on enterprise technology, cybersecurity, and semiconductor companies. FPV commonly co-invests alongside top-tier venture firms and occasionally leads rounds through special purpose vehicles. Confirmed positions include Cohere, the large-language model company; Snyk, the developer-security platform; and Alation, the data-intelligence platform, all sourced via Stevens's personal balance sheet and network. The geographic footprint, while centered in Silicon Valley, extends to technology hubs across the United States. Stevens runs a deliberately lean operation, with no public-facing website and no disclosed headcount. The office does not market for outside capital. Its investment cadence surfaces through SEC filings, venture-industry databases, and his personal investments in professional sports — Stevens is a minority owner of the Golden State Warriors. In November 2024, SEC filings revealed that FPV Management participated in a secondary transaction for xAI, the Elon Musk-founded artificial intelligence company, reflecting the office's continued appetite for frontier AI exposure via private, structured deals. FPV's structural differentiator is the founder's personal operating history in deep technology combined with a Sequoia-honed investment discipline. Unlike family offices staffed by generalist allocators, FPV can diligence hard-tech companies at a founder level and write checks scaled to late-stage venture rounds without needing external LP approval — a posture that makes it a credible syndicate partner for the top-tier firms with whom Stevens has transacted for three decades.
General information
Firm type
Single Family Office
Year founded
2007
AUM
Undisclosed
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Principals
Mark Stevens
Founder and Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at FPV Management?
Mark Stevens makes the final investment decisions. He draws on his experience as a former Sequoia Capital partner and as a senior executive at Netscreen Technologies and Intel. There is no publicly disclosed investment committee structure. The office operates as a lean, principal-driven allocator.
How did Mark Stevens build the wealth that funds FPV Management?
Stevens's wealth comes primarily from the 2004 sale of Netscreen Technologies, a network security company, to Juniper Networks in a $4 billion all-stock deal. He was an early executive, major shareholder, and board member at Netscreen. Prior to that, he was a partner at Sequoia Capital where he personally invested in Google, Yahoo, and NVIDIA.
Does FPV Management invest as a limited partner, or does it only make direct deals?
FPV does both direct deals and participates in special purpose vehicles and secondary transactions. Stevens co-invests alongside venture firms rather than committing as a traditional fund LP in most cases. He has also made direct public-market investments traced through 13F filings.
What stage does FPV Management typically target?
FPV targets late-stage venture and growth equity, with occasional seed and early-stage exposure through his personal network and prior Sequoia relationships. The office's check-size capacity allows it to lead or anchor rounds in the $25 million to $100 million range. Notable participations include rounds for Cohere and Snyk.
Is FPV related to any other venture firm or family office?
FPV is structurally independent and not part of any multi-family office platform. Stevens retains personal and professional ties to Sequoia Capital and its alumni network, but FPV acts as a separate entity. He is also a minority owner of the Golden State Warriors NBA franchise.
Which sectors does FPV Management explicitly focus on?
Enterprise software, cybersecurity, semiconductors, and AI/ML infrastructure are the core verticals. The office also has exposure to digital health, fintech, and space technology through its growing portfolio. Consumer internet and crypto-native platforms have been notably absent from publicly disclosed positions.
How does FPV Management source proprietary deal flow?
Sourcing relies on Stevens's three-decade personal network from Sequoia Capital, his executive-level contacts at major technology companies, and his reputation as a credible non-institutional co-investor. The office does not maintain a public deal-submission portal or engage inbound placement agents.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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