# TCV

TCV is a Private Equity based in Menlo Park, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Menlo Park, United States
- **Region:** North America
- **Address:** Menlo Park, CA, United States
- **Founded:** 1995
- **Assets under management:** Undisclosed
- **Website:** www.tcv.com
- **LinkedIn:** https://www.linkedin.com/company/technology-crossover-ventures

## Regulatory record

- **CRD number:** 160389
- **SEC file number:** 801-73547
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/160389

## About

TCV is an SEC-registered investment adviser in Menlo Park, CA, registered since 2012. It manages approximately $22.5 billion in regulatory assets. The firm has 79 employees and 44 investment advisers.

## Sectors

- Enterprise Software
- FinTech
- Digital Health
- Mobility & Transportation
- Media & Entertainment
- Consumer Internet

## People

- Jay Hoag — Founding General Partner
- Richard Kimball — Founding General Partner

## Questions

### Who runs investment decisions at TCV?

Founding General Partner Jay Hoag serves as CEO, while Richard Kimball and other senior general partners lead the firm. TCV maintains a flat, generalist structure where senior partners can commit significant capital without multi-layered committee approvals — a structure designed for speed in competitive growth rounds.

### How does TCV's approach to holding periods differ from typical growth equity firms?

TCV is known for holding positions well beyond IPO, a rarity among growth-stage firms. The firm held its Netflix stake for over 20 years, and similarly maintained positions in Spotify and Facebook long after their public debuts. This permanent-capital posture is enabled by fund structures that allow extended holds and public-market exposure.

### How is TCV structured — is it a venture firm or a crossover fund?

TCV effectively operates as both, but with a unified pool of capital rather than separate venture and public funds. The firm invests from its core growth equity funds across private and public companies, allowing it to support portfolio companies through IPO and beyond without transferring positions to a separate vehicle — a structure more common among hedge funds than traditional growth equity firms.

### Which sectors does TCV explicitly avoid?

TCV concentrates on technology and internet-enabled business models. It has historically avoided hard-science sectors like biotech, semiconductor manufacturing, and deep-tech hardware that carry binary scientific risk and long R&D timelines outside its late-stage growth mandate.

### Does TCV participate in fund commitments or only direct deals?

TCV does not operate as a fund-of-funds — it makes direct minority and control equity investments in operating companies. The firm does not allocate capital to external venture or buyout funds, nor does it manage a separate LP-commitments program.

### What is the relationship between TCV's private equity and public equity operations?

Both sit inside a single integrated firm without separate brand identities. The same general partners evaluate private growth rounds and public-company positions, creating a crossover lens that informs both sourcing and exit decisions — a structural advantage TCV has maintained since its 1995 founding.

## Related profiles

- [TCP Venture Capital](https://altss.com/profile/tcp-venture-capital)
- [TCW Group](https://altss.com/profile/tcw-group)

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Last updated: 2026-06-03T20:00:00.000Z

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