# FPV Management

FPV Management is a RIA based in Jackson, United States.

## Overview

- **Organization type:** RIA
- **Headquarters:** Jackson, United States
- **Region:** North America
- **Address:** San Francisco, CA, United States
- **Founded:** 2007
- **Assets under management:** Undisclosed
- **Website:** https://fpv.co

## Regulatory record

- **CRD number:** 321785
- **SEC file number:** 802-125839
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/321785

## About

FPV Management, LLC is an exempt reporting adviser in Jackson, Wyoming. It is based in Jackson.

## Sectors

- Enterprise Software
- Cybersecurity
- AI/ML
- Semiconductors
- Digital Health
- FinTech
- SpaceTech

## People

- Mark Stevens — Founder and Managing Partner

## 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.

### 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.

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- [Eisenhilfer Capital](https://altss.com/profile/eisenhilfer-capital-llc)
- [WMI Manager](https://altss.com/profile/wmi-manager-llc)

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Last updated: 2026-08-14T12:30:00.000Z

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