Cendana Capital

Cendana Capital is a prominent San Francisco-based fund of funds, strategically investing in very early-stage venture capital funds across the globe. As a specialized institutional limited partner (LP), Cendana's core mission is to identify and back promising emerging managers and established seed-stage venture firms. Their unique position allows them to provide crucial early capital to these funds, which then deploy capital directly into innovative startups at their foundational stages.

The firm's investment philosophy centers on building long-term relationships with fund managers who demonstrate deep domain expertise, a differentiated investment thesis, or a strong track record. Cendana often serves as one of the first institutional LPs for new funds, helping them achieve critical mass and attract further capital. They primarily focus on funds that invest in seed and Series A rounds, thereby gaining diversified exposure to a broad spectrum of early-stage technology companies. For instance, their latest fund, Cendana Capital V, successfully closed at $300 million, underscoring their significant capacity to support the venture ecosystem.

Cendana Capital's typical commitment to a venture capital fund ranges from $3 million for smaller, first-time funds to upwards of $20 million for more established early-stage managers. These commitments are not direct investments into startups but rather capital allocations to the underlying VC funds, enabling those funds to make their own portfolio company investments. Over its operational history, Cendana Capital has built a robust portfolio, having invested in over 70 venture funds, reflecting its extensive reach and influence within the global early-stage venture landscape.