Greenoaks Capital

About

Greenoaks Capital (formally Greenoaks Capital Partners, also known as Greenoaks Capital Management) is a San Francisco-based global technology investment firm founded in 2012 by Neil Mehta and Benjamin “Benny” Peretz ¹². The firm is named after the street Mehta grew up on in Atherton, California ³. Both founders previously worked at D.E. Shaw, where they focused on technology and special situations investments across Asia ³⁴.

Greenoaks manages approximately $15 billion in assets across six funds ⁵⁶. The firm started with an initial $50 million fund in 2012, and has grown substantially: Fund V closed at approximately $2.1 billion in 2023 ⁷, and Fund VI closed at $2.5 billion in 2025, exceeding its $2.25 billion target ⁸⁹. Over its first 13 years, the firm has generated over $13 billion in gross profits with a 33% net IRR ³.

The firm operates with a lean team of approximately 9 investment professionals managing around 55 core portfolio companies ³. The firm also maintains offices in London and Mumbai ¹⁰. Greenoaks is a registered investment adviser with the SEC ¹.

Greenoaks’ most famous early bet was Coupang, the South Korean e-commerce company. Mehta invested approximately 40% of the firm’s initial $50 million fund into Coupang beginning around 2014, a bet that ultimately returned approximately $8 billion through and after the company’s 2021 IPO ¹³¹¹. Greenoaks continues to hold a significant public position in Coupang, with approximately 55 million shares worth over $1.8 billion ¹².

Stated Thesis

Greenoaks publicly describes its mission as finding and backing “generation-defining technology companies with exceptional long-term growth potential” ⁶⁸. The firm targets companies it believes will become future S&P 500 constituents ³¹³.

Neil Mehta has stated that Greenoaks focuses on two things: “great business models and great founders” ³. He looks for founders with “maniacal focus and ambition” who are “building jaw-dropping customer experiences” ¹³. Mehta uses the acronym “JDCE” — jaw-dropping customer experience — as a core investment principle ¹⁴.

The firm emphasizes concentrated, long-term partnerships. Greenoaks backs approximately 15 companies per fund with initial checks of $25–75 million, and maintains positions through multiple funding rounds and into public markets rather than exiting at IPO ¹⁶. The firm reserves approximately 50% of each fund for follow-on investments ⁶.

Greenoaks describes its approach as combining venture capital and value investing principles across multiple asset classes, industries, and geographies ⁸. The firm explicitly targets mid-stage venture to early-growth opportunities, seeking companies with potential to become global sector leaders ⁸.

Inferred Thesis

Based on 35 verified investments with sufficient detail for analysis:

Stage distribution: Greenoaks primarily invests at Series B and later growth stages. Of 35 verified investments: 3 Series A or earlier (9%), 7 Series B (20%), 7 Series C (20%), 5 Series D (14%), 13 Series E or later (37%). The firm skews heavily toward growth-stage investing despite occasionally participating in earlier rounds ¹⁵¹⁶.

Sector breakdown: Enterprise software and B2B services dominate: 13 of 35 investments are enterprise/B2B software (37%), 8 are fintech/payments (23%), 5 are e-commerce/marketplaces (14%), 4 are cybersecurity (11%), 3 are AI/data infrastructure (9%), 2 are other consumer (6%) ¹⁵¹⁶.

Geographic distribution: The portfolio is global but US-heavy. Of 35 verified investments: 22 are US-based (63%), 4 are based in Israel (11%), 3 in India (9%), 2 in the UK (6%), 2 in Latin America (6%), 2 in Asia-Pacific ex-India (6%) ¹⁵¹⁶.

Check size patterns: Initial checks range from $25–75 million, with significant follow-on capacity. The firm has demonstrated willingness to invest $500 million or more in a single company across multiple rounds (e.g., Rippling Series E at $500M, Coupang ongoing public market purchases) ¹¹⁷.

Co-investor patterns: Greenoaks frequently co-invests with Sequoia Capital, Tiger Global, Index Ventures, Dragoneer, Bessemer Venture Partners, and Insight Partners across its portfolio ¹⁵¹⁶.

Founder profile patterns: The portfolio reveals a preference for repeat founders and founders building in large, established markets with technology-driven disruption (e.g., Carvana in used cars, Toast in restaurant software, Rippling in HR/IT, Coupang in Korean e-commerce). Several portfolio companies feature founders with deep domain expertise rather than typical Silicon Valley backgrounds ³.

Notable behavior not mentioned in stated thesis: Greenoaks is unusually willing to invest during crises and market downturns. The firm accumulated a major Carvana position during the pandemic when the stock collapsed ¹⁸, and provided Rippling a $500 million term sheet within 12 hours during the SVB crisis ¹⁷. This contrarian approach to timing is a defining characteristic not emphasized in their public messaging.

Public market crossover: Unlike most venture firms, Greenoaks actively maintains and grows public equity positions. The firm’s 13F filings show concentrated holdings in approximately 10 public equities including Carvana, Coupang, Navan, ServiceTitan, and Veeva Systems ¹⁹.

Portfolio

This table represents approximately 30% of Greenoaks’ 114 known investments per Tracxn data ¹⁵. Many earlier and smaller investments, particularly in Asia, could not be independently verified with specific round details.

In Their Own Words

Neil Mehta on Greenoaks’ singular focus, from his April 2025 interview on Invest Like the Best: Mehta has stated that he keeps a list of the S&P 500 on his desk and tries to figure out “what companies are not on that list today that will be on that list tomorrow” ³¹³.

Neil Mehta on his investment framework: Mehta has stated that the firm’s core investment principle centers on “JDCE” — jaw-dropping customer experience — describing it as something the team has practically tattooed on their arms ¹⁴.

Neil Mehta on conviction and speed: Mehta has described his decision-making process, noting that he is comfortable walking away from deals with five of the best firms in the world on the cap table, but equally comfortable pursuing a $500 million or more investment within 36 hours if he finds something compelling ³.

Neil Mehta on craftsmanship: Mehta has said his grandfather’s gun shop in India instilled in him an appreciation for craftsmanship, which he applies to evaluating businesses — valuing the artistic quality and attention to detail in how companies are built ³.

Neil Mehta on Benny Peretz: Mehta has stated that Peretz has “an astonishing ability to step back and remind everyone, including me, what we’re trying to optimize for over the long term” ³.

Neil Mehta on the Brex investment, from the October 2018 Brex Series C press release: Mehta highlighted Brex’s potential to “delight its customers with instant onboarding, seamless expense management and customized rewards programs” ²⁰.

What Founders Say

Bom Kim, founder of Coupang, on Neil Mehta: Kim has described Mehta as having “incredible IQ” and “incredible EQ, which wins people,” adding that what makes Mehta truly rare is combining those qualities with “conviction and courage” ³.

Parker Conrad, CEO of Rippling, on the SVB crisis deal: During the March 2023 Silicon Valley Bank collapse, Conrad reached out to Mehta for emergency financing. Mehta responded within hours, and a $500 million term sheet was signed 12 hours later. Conrad described the experience as leaving no time to panic because “there was too much to do” ¹⁷.

No additional independently sourced founder testimonials from portfolio company CEOs were found beyond the quotes above. Henry Kravis (KKR co-founder and early Greenoaks LP) has described Mehta as “extremely disciplined” with “exceptional timing” ³, but this is an investor testimonial rather than a portfolio founder quote.

Sources