Sands Capital Research
Overview
Sands Capital is an independent, staff-owned investment management firm founded in 1992 and headquartered in Arlington, Virginia (Washington, D.C. area). With offices in London, New York, San Francisco, and Singapore, the firm managed $50 billion in client assets as of June 30, 2026. The firm serves institutional and professional investors in more than 30 countries through an integrated investment platform spanning public equity, venture capital, and growth equity.
The firm was co-founded by Frank Sands Sr. and is currently led by Frank M. Sands, CFA (CEO and CIO), son of the founder, who rejoined in 2000 and has grown AUM from approximately $900 million to over $50 billion.
Investment Thesis
Sands Capital's philosophy is rooted in the belief that, over time, stock prices reflect the earnings power and growth of underlying businesses. The firm applies a single growth-oriented investment philosophy across all strategies. It seeks to identify the few truly innovative businesses with sustainable above-average growth, construct concentrated conviction-weighted portfolios, and maintain a long-term investment horizon.
The firm's six investment criteria are:
- Sustainable above-average earnings growth
- Leadership position in a promising business space
- Significant competitive advantages and unique business franchise
- Clear mission and value-added focus
- Financial strength
- Rational valuation relative to the market and business prospects
Investment Platform
Sands Capital operates through three pillars:
- Public Equity — the majority of AUM; strategies include Select Growth, Global Growth, Global Leaders, and Emerging Markets Growth
- Venture and Growth Equity (Alternatives) — three private market strategies via Sands Capital Alternatives, LLC
- Stewardship — active engagement with portfolio companies on ESG and business strategy
Venture and Growth Equity Strategies
Global Innovation
Global Innovation targets mid-to-late-stage technology and technology-enabled businesses with the potential to become large public companies. The strategy invests in a concentrated, hands-on manner at companies taking on massive markets.
- Stage focus: Mid to late-stage (Series C through Pre-IPO)
- Check size: $50M–$100M per company; individual round participation ranges from $10M to $150M
- Geography: Major innovation hubs globally, excluding China
- Key themes: Artificial intelligence and ML, next-generation defense and national security, intelligent infrastructure, cloud/digital transition, enterprise analytics and automation, consumer internet
- Fund status: Global Innovation Fund III closed March 2026 at $1.1 billion, exceeding its $1 billion target; fund was oversubscribed by existing LPs and new institutional investors, technology founders, and executives
- Team: Michael Clarke (Managing Partner), Barron B. Martin Jr. CFA (Managing Partner), Kumar Gautam (Partner), Marina Serenbetz (Partner)
- Notable portfolio: Anthropic, OpenAI, Rippling, Ramp, Anduril Industries, OneTrust, Gusto, Klaviyo, Nubank, Lyra Health, Snyk, DataRobot, JumpCloud, Legora
- Notable exits: Snowflake (IPO), DoorDash (IPO), UiPath (IPO), Samsara (IPO), Anaplan (acquired by Thoma Bravo), AppDynamics (acquired by Cisco)
Global Ventures
Global Ventures is the earliest-stage strategy at Sands Capital, focusing on Series A and B investments in transformational technology businesses in emerging tech hubs globally.
- Stage focus: Series A and B
- Check size: $10M–$15M total per company
- Geography: Emerging tech hubs globally (US, Europe, India, Southeast Asia, Israel)
- Focus sectors: AI/ML embedded in software, cybersecurity and identity, digital health and healthcare automation, consumer digital experiences and virtual goods
- Team: Michael Grainger (Managing Partner), Christopher Eng (Partner), Mark McGovern (Partner), Christy Steele (Partner), Amanda Golden (Sr. Associate), Gene Riechers (Venture Partner)
- Notable portfolio (active): BlackBuck, Bloop, Boom Entertainment, Codoxo, CompScience, Credo.ai, Chronicle Studios, DataRobot
- Notable exits: DocuSign (IPO), Anaplan (acquired), AppDynamics (acquired by Cisco), BigBasket (acquired), Brightflag (acquired)
Life Sciences Pulse
Life Sciences Pulse targets innovative therapeutics, diagnostics, and life sciences tools companies, particularly those at the intersection of biology measurement, diagnostics, and therapeutics.
- Stage focus: Companies with clinical data and/or meaningful proof of concept
- Check size: $25M–$40M
- Geography: US-based businesses and international life sciences hubs
- Focus areas: Novel diagnostics, therapeutics in areas of significant unmet medical need, life sciences tools with strong revenue potential
- Team: Stephen P. Zachary PhD (Managing Partner), Michael J. Ginder CFA (Partner), Jake Merrill CFA (Partner), Padmaparna Chaudhuri PhD (Director of Technical Research), Aagam Shah PhD (Principal)
- Notable portfolio (active/public): 10X Genomics (NASDAQ: TXG), Acrivon Therapeutics (NASDAQ: ACRV), Acumen Pharmaceuticals (NASDAQ: ABOS), Alamar Biosciences, Beta Bionics, BioAge Labs, Cleerly, Coagulo, Cytovale, Ankyra
- Notable exits: Acessa Health (acquired by Hologic), Agilis Bio (acquired by PTC Therapeutics), ArcherDx (acquired), CinCor Pharma (acquired)
Stage Focus
Across the Alternatives platform:
- Series A and B (Global Ventures: $10M–$15M)
- Series B and C (Life Sciences Pulse: $25M–$40M)
- Series C through Pre-IPO (Global Innovation: $50M–$100M; individual rounds $10M–$150M)
Check Size
- Global Ventures: $10M–$15M per company
- Life Sciences Pulse: $25M–$40M per company
- Global Innovation: $50M–$100M per company (individual round participation $10M–$150M)
Lead Tendency
Sands Capital leads and co-leads rounds across all three private strategies. For Global Innovation, the team partners with companies as a concentrated, hands-on co-investor. For Global Ventures and Life Sciences, the firm often leads early rounds. The firm is selective and concentrated, deploying into a small number of companies per strategy.
Recent Activity and Fund Status
Activelydeploying from Global Innovation Fund III (closed March 2026, $1.1B, oversubscribed). The firm continued investing through 2025 and into 2026, with notable recent deals including Anthropic (January 2026), Legora (March 2026), OpenAI (June 2025), Rippling (May 2025), CompScience (February 2025), and Chronicle Studios (March 2025).
In March 2026, the firm also announced the close of the Global Innovation Fund III, named to TIME's America's Top Venture Capital Firms 2025 list, and had three partners named to Washingtonian's 2025 Tech Titans list.
Portfolio Highlights
The Sands Capital Alternatives platform has backed several of the most consequential technology companies of the past decade:
- Anthropic — leading AI safety and research company; invested January 2026
- OpenAI — the leading generative AI platform; invested June 2025
- Rippling — HR, IT, and finance platform for businesses; invested May 2025
- Ramp — finance automation and corporate card platform; invested August 2023
- Anduril Industries — defense technology company; invested June 2024
- Nubank — Brazilian digital bank and Latin America's largest fintech
- Gusto — HR, benefits, and payroll for small businesses
- Klaviyo — marketing automation platform (IPO 2023)
- Snyk — developer security platform
- Legora — AI-powered legal platform; invested March 2026
- Snowflake — cloud data platform (IPO 2020, one of the largest software IPOs ever)
- DoorDash — food delivery marketplace (IPO 2020)
- UiPath — robotic process automation (IPO 2021)
Team
- Frank M. Sands, CFA — Chief Executive Officer, Chief Investment Officer; joined 1992/re-joined 2000; educated at Washington and Lee, Johns Hopkins, and UVA Darden (MBA); built the firm from ~$900M to $50B AUM
- Michael Clarke — Managing Partner, Global Innovation
- Barron B. Martin Jr., CFA — Managing Partner, Global Innovation
- Kumar Gautam — Partner, Global Innovation
- Marina Serenbetz — Partner, Global Innovation
- Michael Grainger — Managing Partner, Global Ventures; joined 2018; former Partner at In-Q-Tel (strategic VC for national security applications), founder of Mobile System 7 (cybersecurity); focus on AI, cybersecurity, enterprise tech
- Christopher Eng — Partner, Global Ventures
- Mark McGovern — Partner, Global Ventures
- Christy Steele — Partner, Global Ventures
- Gene Riechers — Venture Partner, Global Ventures
- Stephen P. Zachary, PhD — Managing Partner, Life Sciences Pulse
- Michael J. Ginder, CFA — Partner, Life Sciences Pulse
- Jake Merrill, CFA — Partner, Life Sciences Pulse
Decision Process
Sands Capital operates through an investment committee structure. For Alternatives, the three strategies (Global Innovation, Global Ventures, Life Sciences Pulse) each have dedicated investment teams that lead sourcing, diligence, and investment decisions. The teams are small and nimble, making concentrated bets.
Geographic Focus
Primarily the United States (especially Silicon Valley, New York, Washington D.C., and other innovation hubs), with significant coverage of Europe (UK, Nordics), India (BigBasket, BlackBuck), Southeast Asia, and select other international markets. Global Innovation excludes China.
Founder Preferences
Ambitious entrepreneurs building transformational technology or life sciences businesses with the potential to become large public companies. Sands Capital looks for companies demonstrating strong unit economics, category leadership, and defensible competitive advantages. They favor business builders with long-term vision over quick flip mentality — fitting their long-term, concentrated investment model.
Warm Intro
As an institutional-grade growth investor managing $50B, Sands Capital is selective and relationship-driven. Introductions via mutual co-investors, portfolio founders, or trusted advisors are the primary sourcing channel for private market deals.