Reference Capital SA

Reference Capital SA is an independent investment company based in Geneva, Switzerland, operating with a distinctive dual strategy in the private markets. The firm serves as both a fund-of-funds investor, deploying capital into various venture capital, private equity, and private debt funds globally, and as a direct investor in high-growth companies. This hybrid approach allows Reference Capital to diversify its portfolio across different stages and asset classes while maintaining a focused direct investment thesis.

The firm's direct investment arm strategically targets companies within the Digital, Sustainability, and Health sectors, identifying businesses with significant growth potential. Reference Capital seeks to partner with innovative companies that are poised for substantial market impact and expansion. As of December 31, 2023, Reference Capital manages over USD 1.5 billion in assets, underscoring its significant presence and capacity within the private investment landscape.

Since its inception, Reference Capital has built a robust track record, having invested in over 100 funds and more than 50 direct companies. Their direct portfolio often features later-stage, high-growth enterprises that have already demonstrated product-market fit and are scaling rapidly. While specific check sizes for direct investments are not publicly disclosed, their participation in significant growth rounds of companies like Nexthink and MindMaze suggests a focus on meaningful capital deployment.

Given their substantial assets under management and the typical stage of their direct investments, Reference Capital's initial direct checks are generally geared towards growth equity or late-stage venture rounds. They aim to provide substantial capital to support the scaling and strategic initiatives of their portfolio companies, often participating alongside other institutional investors in larger syndicates.