137 Ventures has raised more than $700 million across two new funds, pushing the growth-stage venture capital firm’s total assets under management past $15 billion as it continues expanding its investments in large-scale technology companies across multiple sectors.
The firm, which backs companies including Anduril, Gusto, Ramp, and SpaceX, said the new capital will support its strategy of investing in category-defining technology businesses throughout their entire growth lifecycle. The raise reflects continued investor appetite for long-duration capital structures focused on late-stage private companies operating at significant scale.
Founder and Managing Partner Justin Fishner-Wolfson said the next generation of major technology companies will be shaped over longer time horizons and require more flexible capital solutions than traditional venture structures typically provide. He described 137 Ventures’ approach as one built to support companies over decades, particularly those navigating complex growth trajectories.
Over the past year, the firm has deployed more than $1.7 billion, concentrating capital into a smaller number of high-conviction investments. Recent activity has included investments in Cognition, Impulse Space, Hadrian, and Physical Intelligence, reflecting a focus on companies operating at the intersection of artificial intelligence, defense technology, and advanced industrial systems.
The firm’s portfolio spans a range of high-growth sectors, including aerospace, enterprise software, fintech, and frontier manufacturing. Its continued investment pace underscores the growing scale of late-stage private markets, where companies are staying private longer and raising larger rounds to support expansion before public listings.
Alongside its capital deployment strategy, 137 Ventures has also been expanding its internal leadership and operational capabilities. Recent additions include Ashley Steinberg as Head of Strategic Initiatives, previously of The Boring Company; Lindsay Searer as Head of Fund Strategies, who joins from Pathstone; and the promotion of James Pardee to Partner.
Fishner-Wolfson said the firm’s growth has been accompanied by a focus on building a team capable of structuring flexible investment solutions tailored to the needs of large, complex private companies. He emphasized that the firm’s expansion is as much about operational depth as it is about capital formation.
Founded in 2010 by Fishner-Wolfson and S. Alexander Jacobson after their time at Founders Fund, 137 Ventures has grown into a multi-strategy investment platform focused on late-stage and crossover-style venture investments. The firm has raised nine institutional funds to date along with additional dedicated investment vehicles.
With the latest fund close, 137 Ventures continues to position itself within a segment of venture capital increasingly defined by large-scale private technology companies that require long-term capital partners capable of supporting extended growth cycles and capital-intensive expansion strategies.