Sands Capital has closed its third Global Innovation Fund at $1.1 billion, an oversubscribed raise anchored by new investors including Canada Pension Plan Investment Board and funds managed by Hamilton Lane, alongside strong support from existing limited partners and a number of unnamed technology founders and executives.  

Global Innovation Fund III will extend the strategy the firm launched in 2018, taking concentrated stakes, typically around 10 companies per fund, in private technology businesses it expects to scale into public market leaders, with a focus on artificial intelligence, industrial technology and intelligent infrastructure. 

“Technological innovation continues to accelerate, particularly as AI begins to reshape how businesses are built and scaled,” said Michael Clarke, managing partner at Sands Capital. “We believe the most compelling opportunities will emerge in a small number of exceptional companies, and our strategy is built around partnering closely with those teams over the long term.”  

The Arlington, VA-based firm has backed key technology names through prior vintages, including DoorDash, Nubank and Databricks, and more recently Anduril, Anthropic and OpenAI.  

“Our ability to partner with companies from high-growth private stages through scaled public leadership is central to the value we deliver to founders and investors,” added Frank Sands, CEO and CIO.  

Global Innovation sits within Sands Capital’s $51 billion growth investing platform.