Private Markets: When Patience Pays Off

We’ve held stakes in companies for five years, sometimes longer. That’s how it works in the private markets. And then comes a day like June 12, 2026: SpaceX goes public on the Nasdaq — the largest initial public offering (IPO) of all time — raising $75 billion at a valuation of $1.77 trillion. This made the IPO 2.6 times larger than the previous record held by Saudi Aramco. We’ve been invested in SpaceX since 2021, through funds managed by Founders Fund and Kleiner Perkins. Back then, SpaceX was still a private spaceflight startup. Today, it’s one of the most valuable companies in the world. We’ve followed many rocket launches since then. But none like this one. It’s a good moment to showcase what’s behind our private markets portfolio.

More than 2,000 companies

We have investments in over 40 funds managed by more than 20 fund managers. These include Andreessen Horowitz, Insight Partners, EQT, Lakestar, Kaszek, Project A, and Picus. Through them, we hold stakes in more than 2,000 companies — ranging from a young startup in Berlin to a hyperscaler, from São Paulo to Silicon Valley. The portfolio is complemented by select direct investments.

Loyalty Over Trends

Loyalty, Not Just Good Returns: You don’t find new PE/VC fund managers every year. Once we’ve found them, we stick with them. With many of them, we’re already invested in the second, third, or fourth generation of their funds. That takes patience, but that’s exactly what pays off in the end.

Who's next?

After a few relatively quiet years in the IPO market, we’re looking forward to what’s next. The SpaceX IPO and others in the works are a good sign that IPO activity is picking up steam again. Our portfolio includes several companies that are preparing for an IPO in the coming years.