Touring Capital

Investment decisions are made by the three co-founders and general partners: Sam Bonderman, Priya Saiprasad and William Grannis. All three worked together previously at M12, Microsoft's corporate venture fund, where they invested over $400 million across dozens of enterprise software companies. Touring operates as a flat partnership with no junior investment staff publicly identified.

The founding partners maintain deep networks from their time at M12, where they evaluated hundreds of AI-native enterprise startups annually as part of Microsoft's corporate venture strategy. That role gave them early visibility into companies building on major cloud and AI platforms. The firm does not operate a formal scout network or expert-in-residence program, relying instead on the partners' individual relationships across the US, European and Israeli technology ecosystems.

Touring Capital operates as a traditional growth-stage venture capital firm managing outside institutional capital. It is not a family office. The firm's limited partners are reported to include endowments, foundations and technology family offices, though the LP list has not been publicly disclosed.

Touring Capital invests directly in companies, typically leading or co-leading growth rounds with initial checks between $5 million and $15 million. There is no public record of the firm making fund commitments or acting as a limited partner in other venture or growth-equity funds.

Touring targets growth-stage and late-stage enterprise software companies — Series B through pre-IPO — though the firm has the flexibility to invest earlier when an opportunity aligns with the partners' expertise. Their stated focus is on companies that have achieved clear product-market fit and are scaling revenue and international operations.

Touring Capital is an independent firm and is not structurally related to Microsoft or M12. The three co-founders all previously worked at M12 but left in 2023 to build Touring as a standalone partnership. Microsoft is not an investor in Touring's debut fund, and the firm has no special rights to Microsoft distribution channels or acquisition processes.

Touring Capital has not publicly disclosed any philanthropic foundation or donor-advised fund connected to the firm. All known activities are concentrated in the main growth-equity fund.