FTV Capital Research
Investment Thesis
FTV Capital is a growth equity firm that partners with exceptional B2B founders and management teams to accelerate transformative growth in AI-driven and tech-enabled companies. Founded in 1998 as FTVentures (Financial Technology Ventures) by Jim Hale, Bob Huret, and Richard Garman, the firm rebranded to FTV Capital in 2008 to reflect a broader growth equity strategy beyond its fintech roots. FTV emphasizes deep sector expertise across four verticals and leverages its "Global Partner Network" of strategic executives and its FTV Propel program to help portfolio companies accelerate commercial growth, sharpen go-to-market execution, and access senior operating talent.
Sector Focus
FTV Capital invests across four core sectors:
- Financial Technology and Services
- Vertical Software
- Enterprise Technology and Services
- Healthcare Technology and Services
Recent deal activity shows increasing emphasis on AI-enabled platforms within these verticals, including AI-powered project profitability software and AI-enhanced structured credit and specialty finance platforms.
Stage Focus
FTV Capital is a growth equity investor, not an early-stage venture fund. It targets established, high-growth B2B companies rather than pre-seed or seed-stage startups. The firm operates two vehicles with different check sizes to serve founders at different points in their growth trajectory.
Check Size
FTV Capital deploys equity checks ranging from $20 million to $300 million:
- FTV Ascend I: $20M-$60M checks
- FTV VIII (flagship): $60M-$300M checks
Both funds make control and minority growth equity investments.
Lead Tendency
FTV typically leads or is the sole institutional growth investor in its deals; portfolio company press releases are consistently framed as "significant growth equity investment from FTV Capital" rather than syndicated rounds.
Recent Activity
FTV closed a record $4.05 billion fundraise in January 2025 across two funds: FTV VIII ($3.4B, its largest flagship fund to date) and FTV Ascend I ($651M, a new vehicle for smaller growth checks). Since 1998, the firm has raised over $10.2 billion in total capital, invested over $6.7 billion across 149+ portfolio companies, and generated more than $45 billion in enterprise value and $7.4 billion in realizations.
Recent 2026 investments include:
- Kingsview Partners (wealth and asset management), announced August 27, 2026
- COR, an AI-powered project profitability platform for agencies and professional services, $30M investment announced July 28, 2026
- Carbon Underwriting, a Lloyd's delegated authority underwriting specialist, announced June 30, 2026
- Valitana, a fintech platform for structured credit and specialty finance, announced April 23, 2026
The firm also promoted Adam Hallquist to Partner in February 2026 to lead investments in FTV Ascend, alongside several other internal promotions across investment, talent, and technology teams.
Portfolio Highlights
FTV's portfolio spans 150+ companies across its four sectors, including well-known names such as Paddle, WePay, Globant, ID.me, EBANX, Enfusion, InvestCloud, ReliaQuest, Riskalyze, Financial Engines, ButterflyMX, Vagaro, JustPark, and Kore.ai. The firm has a strong track record of exits and has generated $7.4 billion in realizations to date.
Team
FTV Capital has a deep partnership structure led by Brad Bernstein as Managing Partner, with offices in New York (headquarters), San Francisco, London, and Connecticut. Key leadership includes:
- Brad Bernstein, Managing Partner
- Paul Cabral, Partner and Chief Financial Officer
- Andy Fleischman, Partner and General Counsel
- Karen Derr Gilbert, Partner and Chief Operating Officer
- Ali Walker, Partner and Chief Talent Officer
- Kyle Griswold, Partner
- Adam Hallquist, Partner (promoted February 2026, leads FTV Ascend investing)
- Richard Liu, Partner
- Alex Mason, Partner
- Kapil Venkatachalam, Partner
The firm also maintains a large team of principals, vice presidents, and associates supporting sourcing, portfolio management, and investor relations, plus a Global Partner Network of operating executives who serve on portfolio company boards and advisory roles.
Decision Process
FTV operates as a broad partnership with sector-focused deal teams; investment decisions flow through senior partners rather than a single decision-maker. The firm integrates ESG assessments into its investment analysis and maintains an oversight committee for responsible investing, and is a signatory to the UN Principles of Responsible Investing and the ESG Data Convergence Initiative.
Founder Preferences
FTV backs experienced B2B founders and management teams at growth stage who have already proven product-market fit and are looking to scale commercially. The firm's value-add centers on its Global Partner Network of former operators and executives who can open doors with enterprise customers and accelerate go-to-market execution, making it a fit for founders who want hands-on commercial support rather than passive capital.
Geographic Focus
FTV Capital is headquartered in New York (535 Madison Avenue) with additional offices in San Francisco, London, and Connecticut. The firm invests primarily in North America and Europe, reflecting its office footprint and Global Partner Network reach.