Published on May 18, 2025
Forget Sequoia, is Greenoaks the New King of VC? Their Anti-Diversification Masterclass
Published by Jerry Teng
Consider their recent wins since 2021:
Windsurf: $60M invested -> $600M returned
Wiz: $300M invested -> $2B returned
A staggering $2.6 Billion in combined value generated from only two investments in four years.
This isn't new for them.
Since Neil Mehta founded the firm in 2012, Greenoaks have racked up over $13 billion in gross profits at a staggering 33% Net IRR.
Henry Kravis, the founder of KRR who's also a LP in Greenoaks, said "Greenoaks probably returned more money to investors than anyone else" between 2020-2022."
Perhaps most emblematic of their strategy was their early bet on Coupang, the "Amazon of Korea".
Neil and his team invested 40% of their first fund into Coupang.
No diversification, pure conviction.
That single bet translated to $14 Billion when Coupang IPO'd in 2021.
When most VCs zig towards spreading risks, Greenoak consistently zags with deep concentration.
So far, this approach has been immensely profitable.
As we head into a decade dominated by AI, countless startups will be born to hyper-segment markets.
Will that strategy continue to deliver this kind of outlier returns?