IVP

A general-partner committee including Norm Fogelsong, Sandy Miller, Todd Chaffee, Somesh Dash, and Tom Loverro collectively sets deployment pace and committee votes on deals. Reid Dennis, the founder, is no longer involved in day-to-day investment decisions. The firm has historically operated with a flat partnership structure rather than a single chief investment officer.

IVP sources heavily through repeat-founder networks, existing portfolio-company CEOs, and its role as a pre-IPO liquidity provider, which gives it visibility into companies seeking secondary-share sales. The firm also leverages relationships with early-stage VCs who need late-stage co-investors with capacity to write nine-figure checks. Its long tenure in Silicon Valley provides it with board-level introductions that new entrants cannot replicate.

IVP is a traditional venture and growth-equity firm that manages capital on behalf of institutional limited partners — endowments, foundations, pension funds, and sovereign wealth funds. It is not a family office and does not manage a single family's wealth. The firm's structure is a standard general-partner / limited-partner model, with partners personally committing capital alongside their LPs.

IVP operates overwhelmingly through direct equity investments into private companies and has not historically acted as a significant fund-of-funds allocator to other venture managers. The firm occasionally co-invests alongside other growth-stage funds in syndicated rounds but leads a large portion of its own deals. Its mandate does not include seeding emerging managers or taking LP interests in other VC firms.

IVP focuses on late-stage venture and growth equity, typically investing in companies with $10 million to $100 million in revenue that are 12 to 24 months from a potential IPO. The firm rarely participates in seed or early Series A rounds unless following a prior relationship. It prefers to lead or co-lead rounds where it can deploy $20 million to over $100 million per position.

IVP has historically avoided biotechnology, therapeutics, and traditional medical devices, concentrating instead on enterprise software, infrastructure, fintech, and durable consumer-technology platforms. The firm has also maintained a low profile in heavily regulated industries such as defense technology and adult-use cannabis, where LP constraints or regulatory complexity limit institutional participation.

IVP will co-invest alongside other venture and growth-equity managers when the round size exceeds its single-fund limits or when a lead investor has specialist expertise in a geography or subsector. The firm does not run a formal club-deal program, but its LPs occasionally receive co-investment rights alongside IVP's own commitments in larger transactions, a structure common among top-quartile venture firms.