For institutional investors
Late-stage private AI. For institutional limited partners.
CrossWork takes late-stage positions in private AI companies and the businesses that benefit from them, and holds them through liquidity. This page answers the questions an investment committee asks first.
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Current vehicle
Midas II
The CrossWork vehicle now taking late-stage positions in private AI companies and the businesses that benefit from AI.
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Strategy
What CrossWork holds. Large private companies, late in their private life.
Three constraints: stage, sector and how a position is reached.
Stage
We look for companies valued at $1B+ with $100M+ in revenue and a visible path to liquidity: an IPO, a tender or a strategic sale.
Sector
Late-stage private AI companies in compute, models, agentic software and physical AI, with access through the advisory board.
Access
Positions come through an advisory board of former operators, not through public channels.
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Portfolio construction
Two kinds of company. A selective portfolio.
CrossWork considers businesses in two broad areas.
Recurring-revenue software
Businesses with defensible positions in growing categories.
Deep technology
Compute and model companies, chosen for their compounding potential.
These categories describe areas of interest, not a target allocation.
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The advisory board
Five places the advisory board informs our work. Before conviction, not after.
Members work on specific companies, in the areas they know from running them.
Industry insight
Sector knowledge and trend reading that informs each evaluation.
Diligence and risk
Former operators pressure-test a company's claims during diligence.
Thesis and strategy
Input on where a category is going and which companies define it.
Network and access
Introductions to companies, co-investors and executives.
Governance and regulatory view
Perspective from people who have run regulated businesses.
Governance and oversight
Advisory board
Advisory board members advise. They are not fiduciaries of the fund.
Marks
Private positions are carried at the administrator's marks or at cost; listed holdings at market.
Positions
Positions are largely acquired from existing shareholders, not in new primary rounds.
Related parties
Related-party interests, including an affiliated vehicle, and co-investment vehicles are disclosed in the data room.
Administration and reporting
Fund administration by Carta. Limited partners receive quarterly statements.
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Working with CrossWork
What a limited partner sees. Structure, portal and board.
Structure
Midas II: a CrossWork-managed vehicle; structure and terms are set out in the governing documents and summarised in the data room.
Portal
Detailed performance is available to verified investors in the CrossWork portal.
The advisory board
Advisors bring deal flow, sit in diligence and open doors to management.
Administration
Fund administration by Carta.
Reporting
Limited partners receive quarterly statements.
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Process
From first conversation to signing. Five steps.
Each step follows the one before it.
Request access
A short form; a member of the investment team replies.
Confidentiality undertaking
Signed before any fund material is shared.
Data room
Performance evidence, the due-diligence questionnaire and memoranda.
Calls
With the investment team and members of the advisory board.
Fund documents
The governing documents, reviewed and signed.
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Research
Who allocates to private equity
Private equity and venture as a share of each fund, from CrossWork's research reports.
Private universities
| Name | Share |
|---|---|
| WashU | 58.9% |
| Notre Dame | 49%* |
| Brown | 44.4% |
| Harvard | 41% |
| Yale | 41%* |
| Princeton | 41%* |
| Vanderbilt | 40% |
| Dartmouth | 39% |
| Stanford | 38% |
| Penn | 36.9%* |
| Northwestern | 35.8% |
| MIT | 35.4%* |
U.S. average 29% (NACUBO FY2025)
Public universities
| Name | Share |
|---|---|
| Minnesota | 47.6% |
| Michigan | 43.3% |
| Virginia (UVIMCO) | 36.6% FY26 |
| Texas A&M Foundation | 35% |
| Oregon | 34.8% |
| Georgia Tech | 33.1%* FY26 |
| UNC | 32.4% FY24 |
| Colorado | 32% FY26 |
| Michigan State | 32%* |
| Indiana | 31.2% |
| Pittsburgh | 30.9%* |
| Wisconsin | 30.9% |
U.S. average 29% (NACUBO FY2025)
State and local pensions
| Name | Share |
|---|---|
| Maryland SRPS | 21% |
| CalPERS | 19% |
| Texas Municipal (TMRS) | 15% |
| LACERA | 15% |
| NY State Common | 14% |
| Virginia RS | 14% |
Median of 25 funds: 14%
Teachers' systems
| Name | Share |
|---|---|
| Illinois TRS | 17% |
| Missouri PSRS | 15% |
| CalSTRS | 14% |
| North Dakota TFFR | 13% |
| Connecticut TRF | 12% |
Average of 18 systems: 12%
Each institution reports in its own category; some include private credit. * Computed from audited statements. Universities FY2025 unless marked FY26 or FY24; pensions June 2025 to June 2026; teachers' systems fiscal 2025 to August 2026. Stanford is its policy target from 1 July 2026. Yale is 41% of all university investments.
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Research
Private equity, investor by investor. The 2026 reports.
Eight reports on how endowments, pensions, sovereign funds, family offices and wealth managers hold private equity.
- CrossWork University Endowment Private Equity Report 2026
- CrossWork State Pension Fund Private Equity Report 2026
- CrossWork Teachers' Retirement System Private Equity Report 2026
- CrossWork Sovereign Wealth Fund Private Equity Report 2026
- CrossWork Family Office Private Equity Report 2026
- CrossWork High-Net-Worth Investor Private Equity Report 2026
- CrossWork RIA Private Equity Report 2026
- CrossWork Wealth Manager Private Equity Report 2026
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Talk to us
Questions about CrossWork or Midas II go to the team directly. Request access and the investment team replies.