Institutional Venture Partners

IVP's investment decisions are made by its General Partners, a group that includes Somesh Dash, Eric Liaw, Tom Loverro, and Jules Maltz. The firm operates a consensus-driven partnership model, requiring General Partner approval for major commitments. This structure has remained intact since founder Reid Dennis established the firm in 1980, contributing to IVP's reputation for disciplined, later-stage deal-making.

IVP sources deal flow through four decades of relationships with founders, serial entrepreneurs, and co-investors in the Silicon Valley ecosystem. The firm's track record — over 130 portfolio company IPOs — creates an organic referral network from executives who have previously worked with IVP. This installed base, combined with the firm's London presence for European coverage, provides visibility into growth-stage opportunities that colder-inbound firms rarely see.

IVP executes primarily through direct equity investments in growth-stage companies, but the firm also has a history of direct secondary transactions, recapitalizations, and select PIPE deals. It does not operate as a fund-of-funds, nor does it typically make LP commitments into other venture firms. The partnership concentrates on holding concentrated, active positions rather than passive allocations.

IVP targets expansion and later-stage venture rounds, typically investing after a company has achieved product-market fit and meaningful revenue traction. Initial check sizes often range from $10M up to $100M, positioning the firm as a lead or co-lead investor in Series B through pre-IPO rounds. The firm explicitly avoids seed-stage and pre-revenue investments, distinguishing it from early-stage venture firms.

IVP does not invest in hardware-heavy deep-tech, biotech, or pharmaceutical companies requiring long FDA-approval timelines, nor does it pursue capital-intensive industries like energy extraction or heavy manufacturing. The firm's focus remains squarely on capital-efficient, technology-enabled businesses where software and data network effects drive scalable revenue growth.

IVP has executed a leadership transition from founder Reid Dennis to a multi-GP structure, adding partners over time while preserving the firm's original cultural and investment DNA. Current General Partners Somesh Dash, Eric Liaw, Tom Loverro, and Jules Maltz collectively oversee day-to-day operations and new investments. This multi-GP structure distributes decision-making risk and provides institutional continuity that limited partners value in venture firms with 40-plus-year track records.

IVP frequently co-invests alongside other top-tier venture and growth-equity firms, a practice enabled by its status as a later-stage, high-conviction lead investor. The firm's Sand Hill Road location and four decades of partnership track record give it access to syndicates where allocation is competitive. Co-investment opportunities often emerge from growth rounds where IVP's scale and sector expertise make it a natural lead or pricing anchor.