Common Fund

Commonfund is a prominent institutional asset manager based in Wilton, Connecticut, specializing in providing comprehensive investment solutions for endowments, foundations, pension funds, and other institutional investors. Established in 1971, the firm's core mission is to help its clients achieve their long-term financial objectives through diversified portfolios. Unlike traditional venture capital firms that make direct equity investments into early-stage companies, Commonfund operates primarily as a limited partner (LP), allocating capital to a wide array of external investment managers across various asset classes.

The firm's investment strategy encompasses a broad spectrum of asset classes, including public equities, fixed income, real estate, hedge funds, private equity, and venture capital. Commonfund conducts extensive due diligence to select best-in-class fund managers, effectively acting as an outsourced chief investment officer for its diverse client base. Their expertise lies in constructing sophisticated, multi-asset portfolios tailored to the specific needs and risk profiles of institutional clients, rather than identifying and funding individual startups directly. Therefore, the concept of a "first cheque" size for direct company investments does not apply to Commonfund's operational model.

Commonfund manages a substantial pool of capital, with approximately $26.5 billion in assets under management (AUM) as of September 30, 2023. This significant scale allows them to access a wide range of investment opportunities globally. They serve a large and diverse client base, exceeding 1,500 institutional investors, providing customized solutions and strategic advice. While they are significant allocators of capital to venture capital funds, their role is not that of a direct investor in startups, which means typical "check sizes" for direct company investments are not a relevant metric for their operations.