Stripe
DST | GO KV a16z
Cross-manager portfolio overlap
DST Global
Q1-26 cut of DSTG funds I–X + co-invests against the existing Rix universe. The report focuses on co-investment density, stage positioning, entry valuation escalation, and the economic gap between first-mover and follow-on capital.
Overview
Analysis scope
New fund analysed: DST Global — DSTG funds I–X + co-invests, Q1-26 cut. Existing universe: a16z, Khosla Ventures, Kleiner Perkins, Spark Capital, 8VC, and Greenoaks. DST's fresh Q1-26 book carries 206 positions across 135 unique companies, $20.4bn invested against $58.5bn total value. This package restricts the analysis to the 33 companies DST holds in common with at least one existing manager.
Overlap companies
33
DST ∩ existing universe
3-way+ overlaps
9
Stripe, Anthropic, Cognition, Databricks, DoorDash, Flexport, OpenAI, Robinhood, Slack
Overlap invested
$11.2bn
Across all manager positions
Overlap TV
$44.3bn
3.94x implied pooled MOIC
First-mover distribution
Spark first-in cells
2
6% of 33-company universe
GO first-in cells
4
12% of 33-company universe
KP first-in cells
3
9% of 33-company universe
a16z first-in cells
9
27% of 33-company universe
DST first-in cells
8
24% of 33-company universe
KV first-in cells
5
15% of 33-company universe
8VC first-in cells
3
9% of 33-company universe
Confirmed overlap universe
| # | Company | Managers | # mgrs |
|---|---|---|---|
| 1 | Stripe | DST GO KV a16z | 4 |
| 2 | Anthropic | DST KP Spark | 3 |
| 3 | Cognition | 8VC DST KV | 3 |
| 4 | Databricks | DST KP a16z | 3 |
| 5 | DoorDash | DST KV a16z | 3 |
| 6 | Flexport | 8VC DST a16z | 3 |
| 7 | OpenAI | DST KV a16z | 3 |
| 8 | Robinhood | DST GO a16z | 3 |
| 9 | Slack | DST Spark a16z | 3 |
| 10 | Airbnb | DST a16z | 2 |
| 11 | Airwallex | DST GO | 2 |
| 12 | Checkout | DST GO | 2 |
| 13 | Cider | DST GO | 2 |
| 14 | Deliveroo | DST GO | 2 |
| 15 | Distyl | DST KV | 2 |
| 16 | Faire | DST KV | 2 |
| 17 | Farfetch | DST GO | 2 |
| 18 | Flipkart | DST GO | 2 |
| 19 | Glean | DST KP | 2 |
| 20 | Greenlight | DST a16z | 2 |
| 21 | Groupon | DST a16z | 2 |
| 22 | Harvey | DST KP | 2 |
| 23 | Kavak | DST GO | 2 |
| 24 | Mistral | DST a16z | 2 |
| 25 | OpenEvidence | DST KP | 2 |
| 26 | Quince | 8VC DST | 2 |
| 27 | Rappi | DST a16z | 2 |
| 28 | SpotOn | DST a16z | 2 |
| 29 | Thinking Machines | DST a16z | 2 |
| 30 | DST Spark | 2 | |
| 31 | Waymo | DST a16z | 2 |
| 32 | Whatnot | DST a16z | 2 |
| 33 | Zocdoc | DST KV | 2 |
Names appearing only in DST's book with no existing-universe holder, and therefore excluded from the overlap set: Cursor, Chime, Canva, Spotify, Inflection AI, Poolside, Reflection AI, Periodic Labs, Prometheus, Juicebox.
Co-investment pairs
| DST | a16z | KV | KP | Spark | 8VC | GO | |
|---|---|---|---|---|---|---|---|
| DST | 33 | 16 | 7 | 5 | 3 | 3 | 9 |
| a16z | 16 | 16 | 3 | 1 | 1 | 1 | 2 |
| KV | 7 | 3 | 7 | 0 | 0 | 1 | 1 |
| KP | 5 | 1 | 0 | 5 | 1 | 0 | 0 |
| Spark | 3 | 1 | 0 | 1 | 3 | 0 | 0 |
| 8VC | 3 | 1 | 1 | 0 | 0 | 3 | 0 |
| GO | 9 | 2 | 1 | 0 | 0 | 0 | 9 |
DST pair counts, descending: a16z 16, GO 9, KV 7, KP 5, Spark 3, 8VC 3. There are no structural zeros: every existing manager shares at least three names with DST. a16z is the dominant counterparty, while Greenoaks is the closest late-stage growth peer.
Three-way overlaps
Anthropic
DST | KP Spark
Cognition
DST | 8VC KV
Databricks
DST | KP a16z
DoorDash
DST | KV a16z
Flexport
DST | 8VC a16z
OpenAI
DST | KV a16z
Robinhood
DST | GO a16z
Slack
DST | Spark a16z
Two-way overlaps
DST a16z
AirbnbGreenlightGrouponMistralRappiSpotOnThinking MachinesWaymoWhatnot
DST GO
AirwallexCheckoutCiderDeliverooFarfetchFlipkartKavak
DST KV
DistylFaireZocdoc
DST KP
GleanHarveyOpenEvidence
8VC DST
Quince
DST Spark
Twitter
Invested by stage
| Stage | DST | a16z | KV | KP | Spark | 8VC | GO | TOTAL |
|---|---|---|---|---|---|---|---|---|
| Seed | $125m | $11m | $2m | — | — | $6m | — | $144m |
| Series A | — | $323m | $36m | $14m | — | — | — | $373m |
| Series B | $429m | $34m | $34m | $132m | — | $57m | $73m | $759m |
| Series C | $1,292m | $263m | $26m | $92m | $194m | — | $105m | $1,972m |
| Series D | $1,311m | $366m | — | — | — | — | $55m | $1,732m |
| Series E+/Growth | $2,148m | $1,984m | $36m | $287m | $197m | — | $50m | $4,702m |
| Public | — | $380m | — | — | — | — | — | $380m |
| Other | $300m | $526m | $140m | — | — | — | $213m | $1,179m |
| TOTAL | $5,605m | $3,887m | $274m | $525m | $391m | $63m | $496m | $11,241m |
Total value by stage
Stage-level total value below is derived from invested capital × pool MOIC by stage-manager cell, where a valid MOIC is available.
| Stage | DST | a16z | KV | KP | Spark | 8VC | GO | TOTAL |
|---|---|---|---|---|---|---|---|---|
| Seed | $125m | $31m | $155m | — | — | $841m | — | $1,153m |
| Series A | — | $6,983m | $1,420m | $720m | — | — | — | $9,123m |
| Series B | $2,707m | $1,377m | $44m | $405m | — | $212m | $256m | $5,001m |
| Series C | $2,972m | $1,465m | $562m | $282m | $2,796m | — | $354m | $8,429m |
| Series D | $2,740m | $2,617m | — | — | — | — | $128m | $5,484m |
| Series E+/Growth | $6,057m | $3,571m | $34m | $356m | $534m | — | $68m | $10,621m |
| Public | — | $543m | — | — | — | — | — | $543m |
| Other | $1,026m | $642m | $1,907m | — | — | — | $360m | $3,934m |
| TOTAL | $15,627m | $17,229m | $4,121m | $1,762m | $3,329m | $1,053m | $1,166m | $44,289m |
Pool MOIC & IRR
| Stage | DST | a16z | KV | KP | Spark | 8VC | GO |
|---|---|---|---|---|---|---|---|
| Seed | 1.00x | 2.84x | 77.51x | — | — | 140.23x | — |
| Series A | — | 21.62x | 39.44x | 51.41x | — | — | — |
| Series B | 6.31x | 40.49x | 1.29x | 3.07x | — | 3.72x | 3.51x |
| Series C | 2.30x | 5.57x | 21.60x | 3.06x | 14.41x | — | 3.37x |
| Series D | 2.09x | 7.15x | — | — | — | — | 2.32x |
| Series E+/Growth | 2.82x | 1.80x | 0.95x | 1.24x | 2.71x | — | 1.37x |
| Public | — | 1.43x | — | — | — | — | — |
| Other | 3.42x | 1.22x | 13.62x | — | — | — | 1.69x |
Manager totals across the 33 overlap companies
| Manager | Overlap cos | Positions | Invested | TV | Pool MOIC |
|---|---|---|---|---|---|
| DST | 33 | 50 | $5,605m | $15,633m | 2.79x |
| a16z | 16 | 33 | $3,888m | $17,230m | 4.43x |
| KV | 6 | 15 | $274m | $4,098m | 14.95x |
| KP | 5 | 7 | $525m | $1,749m | 3.33x |
| Spark | 3 | 4 | $391m | $3,327m | 8.51x |
| 8VC | 3 | 4 | $63m | $1,069m | 16.85x |
| GO | 9 | 11 | $496m | $1,165m | 2.35x |
Data-quality notes. DST IRR is n/a throughout due to the USD-native template quirk. Cap-weighted IRR excludes IRR = 0 as missing. Positions with missing or zero TV are filled at invested × 1.0x for pooling. Other-stage positions include secondaries and non-standard structures.
Valuation spread
| Manager | Positions | Times 1st-in | Follow-on entries | Median mult | Mean mult |
|---|---|---|---|---|---|
| DST | 50 | 13 | 37 | 7.3× | 39.8× |
| a16z | 26 | 7 | 19 | 3.5× | 18.0× |
| KV | 9 | 4 | 5 | 1.9× | 22.2× |
| KP | 7 | 3 | 4 | 22.2× | 21.8× |
| Spark | 4 | 2 | 2 | 63.6× | 63.6× |
| 8VC | 0 | 0 | 0 | — | — |
| GO | 10 | 4 | 6 | 3.6× | 7.4× |
Top 20 entry escalations
| Company | Mgr | Stage | Date | Entry val | First-in (mgr) | Multiple |
|---|---|---|---|---|---|---|
| Stripe | GO | Other | Apr'24 | $65.0bn | $22m (a16z) | 2,955× ⚑ |
| Stripe | a16z | Series E+/Growth | Mar'23 | $50.0bn | $22m (a16z) | 2,273× ⚑ |
| Stripe | a16z | Series E+/Growth | Sep'19 | $35.7bn | $22m (a16z) | 1,624× ⚑ |
| Databricks | DST | Series E+/Growth | Dec'24 | $67.9bn | $44m (a16z) | 1,544× ⚑ |
| Databricks | a16z | Series E+/Growth | Dec'24 | $67.3bn | $44m (a16z) | 1,530× ⚑ |
| Databricks | KP | Series E+/Growth | Dec'24 | $62.0bn | $44m (a16z) | 1,409× ⚑ |
| Stripe | DST | Series E+/Growth | Sep'18 | $23.9bn | $22m (a16z) | 1,085× ⚑ |
| Databricks | a16z | Series E+/Growth | Aug'21 | $38.1bn | $44m (a16z) | 866× ⚑ |
| DoorDash | DST | Series E+/Growth | Dec'20 | $32.1bn | $58m (KV) | 552× ⚑ |
| Stripe | GO | Series D | Dec'16 | $9.2bn | $22m (a16z) | 417× ⚑ |
| Faire | KV | Series E+/Growth | Jun'21 | $7.0bn | $21m (KV) | 332× ⚑ |
| Faire | DST | Series E+/Growth | Oct'20 | $4.9bn | $21m (KV) | 230× |
| DoorDash | DST | Series E+/Growth | Mar'19 | $12.2bn | $58m (KV) | 210× |
| Slack | DST | Series E+/Growth | Apr'15 | $3.6bn | $24m (a16z) | 151× |
| Databricks | a16z | Series E+/Growth | Oct'19 | $6.2bn | $44m (a16z) | 141× |
| Whatnot | DST | Series E+/Growth | Sep'25 | $11.5bn | $90m (a16z) | 128× |
| Slack | Spark | Series E+/Growth | Apr'15 | $2.8bn | $24m (a16z) | 115× |
| Glean | DST | Series E+/Growth | Sep'24 | $4.9bn | $45m (KP) | 108× |
| DoorDash | DST | Series E+/Growth | Aug'18 | $6.1bn | $58m (KV) | 104× |
| DST | Series E+/Growth | Jul'11 | $8.4bn | $97m (Spark) | 87× |
Interpretation caveat. Entry EqV is first-investment post-money carried through follow-ons. Ratios above 300× are flagged as scaling artefacts, usually from micro-seed first-in marks such as Stripe 2010 or Databricks 2013. They are flagged rather than dropped from the detailed table.
1st-mover vs N-th MOIC
Median MOIC, first-mover
3.62x
vs 1.74x for Nth-mover cells
First-mover win share
82%
Nth-mover win share 56%; loss share 15%
Cap-weighted MOIC
6.09x
vs 2.49x for Nth-mover cells
Pool counts
34 / 41
First-mover / Nth-mover cells
| Manager | 1st-mover pools | Nth-mover pools | Median 1st | Median Nth | Premium |
|---|---|---|---|---|---|
| Spark | 2 | 1 | 19.73x | 6.27x | +13.46x |
| GO | 4 | 5 | 3.15x | 1.37x | +1.78x |
| KP | 3 | 2 | 2.67x | 1.31x | +1.36x |
| a16z | 9 | 7 | 2.20x | 1.06x | +1.14x |
| DST | 8 | 25 | 2.23x | 2.02x | +0.21x |
| KV | 5 | 1 | 7.84x | 8.24x | -0.40x |
| 8VC | 3 | 0 | 4.77x | — | — |
Top wins
| Company | Mgr | 1st? | Stage | Invested $m | TV $m | MOIC |
|---|---|---|---|---|---|---|
| Quince | 8VC | Y | Seed | 6.1 | 855.4 | 140.23x |
| DoorDash | KV | Y | Series A | 11.7 | 1,095.9 | 93.94x |
| Airbnb | a16z | Y | Series B | 34.1 | 1,380.9 | 40.49x |
| Slack | a16z | Y | Series A | 46.3 | 1,671.9 | 36.11x |
| Spark | Y | Series C | 43.6 | 1,497.8 | 34.31x | |
| OpenAI | KV | Y | Other | 75.0 | 1,823.9 | 24.32x |
| Airbnb | DST | N | Series B | 91.0 | 1,847.0 | 20.30x |
| Glean | KP | Y | Series A | 105.9 | 986.3 | 9.32x |
| Stripe | KV | N | Series C | 77.0 | 634.2 | 8.24x |
| Faire | KV | Y | Seed | 60.1 | 471.0 | 7.84x |
| Databricks | a16z | Y | Series A | 1,278.8 | 9,840.4 | 7.69x |
| Stripe | DST | N | Series E+/Growth | 50.0 | 333.0 | 6.66x |
Top losses
| Company | Mgr | 1st? | Stage | Invested $m | TV $m | MOIC |
|---|---|---|---|---|---|---|
| Zocdoc | DST | N | Series C | 56.0 | 19.0 | 0.34x |
| Checkout | GO | N | Series C | 30.0 | 17.6 | 0.59x |
| Cider | GO | Y | Series B | 30.0 | 19.6 | 0.65x |
| Greenlight | DST | Y | Series C | 25.0 | 17.0 | 0.68x |
| Greenlight | a16z | N | Series D | 75.0 | 52.8 | 0.70x |
| Flexport | a16z | N | Series E+/Growth | 200.3 | 163.3 | 0.82x |
| Waymo | a16z | Y | Series A | 203.3 | 194.2 | 0.96x |
| Cider | DST | N | Series B | 70.0 | 67.0 | 0.96x |
| Anthropic | KP | N | Series E+/Growth | 141.8 | 141.8 | 1.00x |
| OpenEvidence | DST | N | Series D | 75.0 | 75.0 | 1.00x |
Stage positioning. DST is unambiguously the late-stage growth-capital lane behind the earlier managers. Of its $5.6bn overlap dollars, $4.75bn sits in Series C, D, and E+/Growth.
The first-mover premium DST cannot capture. Entering first roughly doubles median pooled MOIC in this set and raises the win rate from 56% to 82%. DST is the Nth-mover in 25 of its 33 overlap cells and pays a median 7.3× the first-in valuation.
Diversification benefit for Rix. DST's differentiated diligence value is strongest in international and vertical growth names such as Airwallex, Flipkart, Farfetch, Kavak, Rappi, Deliveroo, and Checkout. Against Greenoaks, Rix would often be doubling late-entry growth exposure rather than diversifying it.
Round-level matrix
33 shown
Note: no “DST” filter pill — the universe is already defined as DST ∩ existing book, so DST appears in every row.
StripeDST GO KV a16z
Stripe — 4 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | a16z | Series A | Aug'10 | $200k | $22m | 1427.14x | 63% |
| 2 | KV | Series C | Feb'14 | $26m | $1.9bn | 21.60x | 47% |
| 3 | GO | Series D | Dec'16 | $5m | $9.2bn | 5.99x | 25% |
| 4 | KV | Series A | Mar'18 | $1000k | n/a | 4.76x | 27% |
| 5 | DST | Series E+/Growth | Sep'18 | $50m | $23.9bn | 6.66x | n/a |
| 6 | a16z | Series E+/Growth | Sep'19 | $140m | $35.7bn | 0.00x | 16% |
| 7 | a16z | Public | May'21 | $25m | n/a | 0.00x | -3% |
| 8 | a16z | Series E+/Growth | Mar'23 | $232m | $50.0bn | 0.00x | 28% |
| 9 | KV | Other | May'23 | $25m | n/a | 1.36x | 25% |
| 10 | KV | Other | May'23 | $25m | n/a | 1.36x | 25% |
| 11 | GO | Other | Apr'24 | $93m | $65.0bn | 1.06x | 8% |
| 12 | a16z | Public | Nov'24 | $205m | n/a | 0.00x | 17% |
AnthropicDST KP Spark
Anthropic — 3 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | Spark | Series C | Mar'23 | $150m | $5.1bn | 8.63x | 179% |
| 2 | DST | Series D | Apr'24 | $325m | $92.7bn | 4.11x | n/a |
| 3 | Spark | Series E+/Growth | Feb'25 | $162m | $61.6bn | 1.93x | 315% |
| 4 | KP | Series E+/Growth | Aug'25 | $142m | $183.0bn | 1.00x | -0% |
| 5 | DST | Series E+/Growth | Aug'25 | $150m | $207.1bn | 1.84x | n/a |
| 6 | DST | Series E+/Growth | Aug'25 | $100m | $268.2bn | 1.42x | n/a |
Cognition8VC DST KV
Cognition — 3 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | 8VC | Series B | Apr'24 | $8m | n/a | 5.55x | 214% |
| 2 | KV | Series B | Apr'24 | $32m | $2.0bn | 1.00x | n/a |
| 3 | 8VC | Series B | Feb'25 | $47m | n/a | 3.36x | 296% |
| 4 | DST | Series B | Mar'25 | $15m | $4.5bn | 3.40x | n/a |
DatabricksDST KP a16z
Databricks — 3 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | a16z | Series A | Sep'13 | $18m | $44m | 249.84x | 61% |
| 2 | a16z | Series C | Dec'15 | $15m | $510m | 47.05x | 51% |
| 3 | a16z | Series D | Aug'17 | $105m | $940m | 22.63x | 54% |
| 4 | a16z | Series E+/Growth | Oct'19 | $250m | $6.2bn | 0.00x | 37% |
| 5 | a16z | Series E+/Growth | Aug'21 | $391m | $38.1bn | 0.00x | 5% |
| 6 | KP | Series E+/Growth | Dec'24 | $71m | $62.0bn | 1.62x | 85% |
| 7 | a16z | Series E+/Growth | Dec'24 | $500m | $67.3bn | 0.00x | n/a |
| 8 | DST | Series E+/Growth | Dec'24 | $435m | $67.9bn | 2.03x | n/a |
DoorDashDST KV a16z
DoorDash — 3 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | KV | Series A | Sep'13 | $2m | $58m | 428.32x | 155% |
| 2 | KV | Series A | May'14 | $10m | $58m | 42.04x | 86% |
| 3 | DST | Series E+/Growth | Aug'18 | $125m | $6.1bn | 10.58x | n/a |
| 4 | DST | Series E+/Growth | Mar'19 | $149m | $12.2bn | 5.21x | n/a |
| 5 | DST | Series E+/Growth | Dec'20 | $70m | $32.1bn | 1.47x | n/a |
| 6 | a16z | Public | Feb'22 | $150m | n/a | 0.00x | 25% |
| 7 | a16z ‡ | Series D | — | $0 | n/a | — | n/a |
Flexport8VC DST a16z
Flexport — 3 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | 8VC | Series B | Sep'16 | $3m | n/a | 4.77x | 27% |
| 2 | DST | Series C | Sep'17 | $56m | $2.8bn | 2.43x | n/a |
| 3 | a16z | Series E+/Growth | Jan'22 | $200m | $8.0bn | 0.00x | -6% |
OpenAIDST KV a16z
OpenAI — 3 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | KV | Other | Mar'19 | $50m | n/a | 33.21x | 92% |
| 2 | KV | Other | May'23 | $25m | n/a | 6.53x | 286% |
| 3 | a16z | Other | May'25 | $170m | n/a | 0.00x | n/a |
| 4 | DST | Other | Sep'26 | $300m | $248.8bn | 3.42x | n/a |
RobinhoodDST GO a16z
Robinhood — 3 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | GO | Series C | Apr'17 | $33m | $1.3bn | 6.77x | 58% |
| 2 | DST | Series C | May'17 | $100m | $3.0bn | 6.82x | n/a |
| 3 | DST | Series C | Apr'18 | $111m | $8.5bn | 2.39x | n/a |
| 4 | DST | Series C | Aug'19 | $125m | $10.5bn | 1.94x | n/a |
| 5 | DST | Series C | Oct'19 | $125m | $11.7bn | 1.74x | n/a |
| 6 | a16z | Series E+/Growth | Sep'20 | $180m | $11.7bn | 0.00x | 19% |
| 7 | a16z | Other | Jan'21 | $210m | n/a | 0.00x | 12% |
| 8 | GO | Other | Feb'21 | $50m | $28.6bn | 1.48x | 71% |
| 9 | a16z ‡ | Other | — | $0 | n/a | — | n/a |
SlackDST Spark a16z
Slack — 3 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | a16z | Series A | Mar'10 | $10m | $24m | 121.53x | 73% |
| 2 | a16z | Series C | Apr'14 | $36m | $263m | 13.18x | 77% |
| 3 | Spark | Series E+/Growth | Apr'15 | $35m | $2.8bn | 6.27x | 42% |
| 4 | DST | Series E+/Growth | Apr'15 | $26m | $3.6bn | 6.50x | n/a |
AirbnbDST a16z
Airbnb — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | a16z | Series B | Jul'11 | $34m | $1.3bn | 40.49x | 47% |
| 2 | DST | Series B | Jul'11 | $37m | $2.2bn | 41.84x | n/a |
| 3 | DST | Series B | Dec'14 | $54m | $16.6bn | 5.54x | n/a |
AirwallexDST GO
Airwallex — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | DST | Series C | Dec'18 | $96m | $1.8bn | 4.48x | n/a |
| 2 | GO | Series D | Dec'20 | $50m | $2.6bn | 1.95x | 18% |
CheckoutDST GO
Checkout — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | DST | Series B | May'19 | $113m | $2.6bn | 4.68x | n/a |
| 2 | GO | Series C | Dec'20 | $30m | $15.0bn | 0.59x | -13% |
CiderDST GO
Cider — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | GO | Series B | Aug'21 | $30m | $1.0bn | 0.65x | -12% |
| 2 | DST | Series B | Sep'21 | $70m | $1.1bn | 0.96x | n/a |
DeliverooDST GO
Deliveroo — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | GO | Series C | Jul'15 | $43m | $355m | 2.72x | 13% |
| 2 | DST | Series D | Nov'15 | $100m | $1.7bn | 2.23x | n/a |
| 3 | DST | Series D | Aug'16 | $75m | $2.2bn | 1.73x | n/a |
DistylDST KV
Distyl — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | DST | Series B | Sep'25 | $15m | $1.8bn | 1.00x | n/a |
| 2 | KV ‡ | Series A | — | $0 | $200m | — | n/a |
FaireDST KV
Faire — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | KV | Seed | Jan'17 | $2m | $21m | 77.51x | 79% |
| 2 | KV | Series A | Jan'18 | $23m | $60m | 13.82x | 55% |
| 3 | DST | Series E+/Growth | Oct'20 | $35m | $4.9bn | 1.23x | n/a |
| 4 | KV | Series E+/Growth | Jun'21 | $36m | $7.0bn | 0.95x | -2% |
FarfetchDST GO
Farfetch — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | DST | Series E+/Growth | Feb'15 | $75m | $1.5bn | 4.03x | n/a |
| 2 | GO | Other | Dec'23 | $70m | $350m | 2.67x | 185% |
FlipkartDST GO
Flipkart — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | DST | Series E+/Growth | Apr'14 | $75m | $6.1bn | 3.09x | n/a |
| 2 | DST | Series E+/Growth | Aug'14 | $100m | $11.2bn | 1.69x | n/a |
| 3 | DST | Series E+/Growth | Aug'14 | $100m | $12.3bn | 1.53x | n/a |
| 4 | GO | Series E+/Growth | Dec'14 | $50m | n/a | 1.37x | 9% |
GleanDST KP
Glean — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | KP | Series A | Feb'19 | $14m | $45m | 51.41x | 94% |
| 2 | KP | Series C | Apr'22 | $92m | $1.0bn | 3.06x | 64% |
| 3 | DST | Series E+/Growth | Sep'24 | $77m | $4.9bn | 1.44x | n/a |
GreenlightDST a16z
Greenlight — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | DST | Series C | Sep'20 | $25m | $1.6bn | 0.68x | n/a |
| 2 | a16z | Series D | Apr'21 | $75m | $2.3bn | 0.00x | -8% |
GrouponDST a16z
Groupon — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | DST | Series C | Apr'10 | $25m | $1.8bn | 5.32x | n/a |
| 2 | a16z | Series E+/Growth | Jan'11 | $40m | $4.8bn | 1.23x | 16% |
| 3 | DST | Series D | Jan'11 | $50m | $5.2bn | 1.00x | n/a |
HarveyDST KP
Harvey — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | KP | Series B | Dec'23 | $71m | $722m | 4.06x | 194% |
| 2 | KP | Series E+/Growth | May'25 | $74m | $5.0bn | 1.34x | 121% |
| 3 | DST | Series E+/Growth | May'25 | $49m | $5.8bn | 1.90x | n/a |
KavakDST GO
Kavak — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | GO | Series B | Aug'19 | $43m | $350m | 5.53x | 44% |
| 2 | DST | Series C | Oct'20 | $28m | $1.8bn | 1.71x | n/a |
MistralDST a16z
Mistral — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | a16z | Series A | May'23 | $108m | $2.2bn | 0.00x | 64% |
| 2 | a16z | Series A | Dec'23 | $98m | $2.2bn | 2.25x | 68% |
| 3 | DST | Series B | Jun'24 | $125m | $8.6bn | 1.58x | n/a |
| 4 | DST | Series C | Sep'25 | $146m | $13.7bn | 0.99x | n/a |
OpenEvidenceDST KP
OpenEvidence — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | KP | Series B | May'25 | $61m | $3.0bn | 1.93x | 509% |
| 2 | DST | Series D | Jan'26 | $75m | $12.0bn | 1.00x | n/a |
Quince8VC DST
Quince — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | 8VC | Seed | Mar'19 | $6m | n/a | 140.23x | 121% |
| 2 | DST | Series C | May'24 | $104m | $4.0bn | 2.58x | n/a |
RappiDST a16z
Rappi — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | a16z | Seed | May'16 | $11m | n/a | 2.84x | 15% |
| 2 | DST | Series C | Aug'18 | $104m | $2.1bn | 1.51x | n/a |
| 3 | DST | Series C | Aug'18 | $113m | $4.1bn | 0.80x | n/a |
| 4 | a16z | Series C | Sep'18 | $8m | $1.1bn | 1.30x | 4% |
SpotOnDST a16z
SpotOn — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | DST | Series C | Sep'20 | $49m | $1.0bn | 2.10x | n/a |
| 2 | a16z | Series D | May'21 | $175m | $1.9bn | 0.00x | 2% |
| 3 | DST | Series C | Sep'21 | $29m | $3.7bn | 0.59x | n/a |
| 4 | a16z | Series E+/Growth | May'22 | $50m | $3.6bn | 0.00x | 1% |
Thinking MachinesDST a16z
Thinking Machines — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | a16z | Other | Apr'25 | $146m | n/a | 1.00x | n/a |
| 2 | DST | Seed | Apr'25 | $125m | $11.8bn | 1.00x | n/a |
TwitterDST Spark
Twitter — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | Spark | Series C | Jun'08 | $44m | $97m | 34.31x | 154% |
| 2 | DST | Series E+/Growth | Jul'11 | $382m | $8.4bn | 2.09x | n/a |
WaymoDST a16z
Waymo — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | a16z | Series A | Feb'20 | $53m | $35.8bn | 0.00x | -4% |
| 2 | a16z | Series C | Oct'24 | $150m | $50.5bn | 0.00x | n/a |
| 3 | DST | Series D | Feb'26 | $500m | $134.2bn | 1.00x | n/a |
WhatnotDST a16z
Whatnot — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | a16z | Series A | Jan'21 | $36m | $90m | 14.48x | 86% |
| 2 | a16z | Series C | Aug'21 | $53m | $1.5bn | 0.00x | 19% |
| 3 | DST | Series D | Jul'22 | $125m | $5.0bn | 2.30x | n/a |
| 4 | a16z | Series D | Aug'22 | $12m | $4.0bn | 0.00x | 0% |
| 5 | DST | Series D | Dec'24 | $61m | $4.8bn | 2.38x | n/a |
| 6 | DST | Series E+/Growth | Sep'25 | $150m | $11.5bn | 1.00x | n/a |
ZocdocDST KV
Zocdoc — 2 managers
| # | Mgr | Stage | Date | Invested | Entry val | MOIC | IRR |
|---|---|---|---|---|---|---|---|
| 1 | KV | Series A | Jul'09 | $867k | n/a | 15.20x | 20% |
| 2 | KV | Series B | Jul'10 | $2m | $82m | 5.94x | 13% |
| 3 | DST | Series C | Jul'11 | $56m | $1.4bn | 0.34x | n/a |
| 4 | KV | Other | Feb'22 | $15m | n/a | 1.00x | n/a |
Methodology
Data sources
DST side: fresh Q1-26 Rix Category-A Excel (DST_Q1_26.xlsx), fund-currency columns 18–24. Existing side: Rix Notion Portfolio positions data DB via targeted SQL LIKE query on company first-word tokens, excluding stale GP='DST' rows and aggregated/bucket lines.
Overlap matching
Strict normaliser: extract post-dba component, strip parentheticals and footnote markers, iteratively remove entity suffixes, lowercase for exact match. Manual override map covers hybrid-token AI names including cognition ai→cognition, harvey ai→harvey, mistral ai→mistral, openai global/l.p→openai, thinking machines lab→thinking machines, greenlight financial→greenlight, and distyl ai→distyl.
False-positive rejections
GreenLight Biosciences (KV biotech) was not matched to Greenlight fintech. Cursor Capital I LP was not matched to Cursor / Anysphere. Chime-Raya Investor Co and Chime dba Sendwave were not matched to Chime the neobank. Canvas Networks was not matched to Canva. Spotonix was not matched to Spotify / SpotOn. Cognition IP Technology was not matched to Cognition / Devin. Slack Fund LLC was kept separate from Slack Technologies.
Stage normalisation
Pre-seed / SAFE / Seed → Seed; A variants → Series A; E/F+/Late-stage/Growth → Series E+/Growth; IPO → Public; secondaries / other → Other.
Valuation convention
Entry EqV is first-investment post-money carried through follow-ons under Rix convention. Entry multiples are computed against the earliest valid-mark position in each company; ratios above 300× are flagged as scaling artefacts.
First-mover ranking basis
First-mover is the earliest investment date within the analysed six-manager universe, not necessarily the absolute earliest institutional investor in the company.
IRR aggregation
Cap-weighted by invested capital, excluding IRR = 0 as missing. DST IRR is n/a throughout because the USD-native source template returns zero for USD performance columns.
Aggregation excludes
Notion bucket / aggregated rollup lines were filtered out. Null-date / $0-invested in-kind positions were excluded from dollar pooling but retained in the round matrix with a ‡ marker.