Andra Capital Research
Investment Thesis
Andra Capital is a San Francisco-based growth and late-stage technology investment firm founded by Managing Partner Haydar Haba. The firm markets itself as an evergreen vehicle that gives accredited private investors curated access to pre-IPO and growth-stage technology companies already validated by tier-one venture firms, rather than sourcing and pricing early-stage rounds itself. Its stated process starts from a pipeline of 400+ pre-IPO companies and narrows to roughly 20 targets per cycle using five core principles: a repeatable thesis and screening process, disruptive companies with durable technology moats, valuation discipline, deep fundamental research, and portfolio-level sector and time diversification.
Stage Focus
Andra runs two parallel fund strategies rather than a single vehicle. The Growth-Stage fund is closed-end and targets fast-growing private technology companies entering hyper-growth, typically corresponding to Series C/D rounds, with a 5-8 year exit horizon. The Late-Stage fund is open-end and targets pre-IPO technology category leaders with sustainable unit economics seeking capital ahead of an exit event, with a 2-3 year exit horizon.
Check Size
Andra does not publish a specific per-company check-size range. Its SEC investment adviser record (CRD #314080) lists roughly $477M in assets under management as of 2026. Given confirmed participation in $480M-$1.4B rounds, individual position sizes are likely several million to tens of millions of dollars, but this could not be confirmed from primary sources and is not reported as a hard figure.
Lead Tendency
Evidence is mixed rather than purely follow-only. Andra co-led Lambda's $480M Series D (with SGW) in February 2025, but only participated (did not lead) in Skild AI's $1.4B Series C led by SoftBank Group in January 2026. This is consistent with a syndicate-access model that sometimes takes a co-lead position on rounds it originates access to, but defers to larger institutional leads (SoftBank, NVIDIA Ventures) on the largest late-stage rounds.
Recent Activity
Andra's most recently confirmed investments are Skild AI's $1.4B Series C (January 2026, valuing the robotics/AI company at over $14B, alongside SoftBank Group, NVIDIA Ventures, Macquarie Capital, and Jeff Bezos) and Lambda's $480M Series D (February 2025, co-led with SGW, to expand Lambda's AI cloud platform, alongside NVIDIA and Andrej Karpathy). The firm's SEC adviser status also changed in this window: it withdrew its Exempt Reporting Adviser filing on 2026-02-13 and registered as a full SEC investment adviser effective 2026-03-17, a routine graduation from exempt to full registration.
Portfolio Highlights
The firm's public "Notable Investments" grid features Palantir, Automation Anywhere, Carta, Tanium, Verbit, GrubMarket, SoFi, Convoy, Kraken, and Cybereason, plus the newly confirmed Skild AI and Lambda positions. Andra states a "complete list of investments is available upon request," so this is a partial, logo-driven sample rather than an exhaustive holdings list. No confirmed exits (IPO or acquisition of a portfolio company) were found in this pass.
Team
- Haydar Haba, Managing Partner — 20+ years as a serial entrepreneur in internet and telecom, credited with building multiple billion-dollar-plus companies (IntelePeer, Telco 214, among others) prior to founding Andra.
- Paul Tuan, Managing Partner — Over a decade in investment banking and private equity at BAML, Jefferies, US Bancorp, MVP Capital, and White Oak, with more than $10B in M&A, capital raises, bond, and private placement transaction experience.
Decision Process
With only two named Managing Partners on the public team page and no visible investment-committee structure, Andra appears to operate as a small partnership rather than a large multi-GP committee, though this is inferred from team-page structure rather than explicitly stated.
Founder Preferences
Andra's public materials do not describe founder personas directly, consistent with a late-stage/growth vehicle where the underlying company's own investor base and management team are already selected. Its stated diligence instead centers on category leadership, defensible technology moats, valuation discipline, and scalable unit economics at the company level, alongside "visionary management focused on growth."
Geographic Focus
Andra is headquartered in San Francisco, CA. Its confirmed portfolio and recent investments are overwhelmingly U.S., Silicon-Valley-centric technology companies (Palantir, Lambda, Skild AI, SoFi, Carta), with no explicit non-U.S. geographic mandate stated on the site in this pass.
Notable Risk Flags
A September 2026 InvestmentNews report describes a federal lawsuit by a California investor alleging a pre-IPO fund (with SpaceX, Stripe, Discord, Klarna, and Plaid positions) charged undisclosed markups and stonewalled account access; the article does not name the defendant fund, and no direct sourcing was found tying that specific suit to Andra Capital. This should be treated as an unconfirmed flag for manual follow-up rather than a fact about this firm.