For institutional investors
Late-stage private AI. For institutional limited partners.
CrossWork is a venture capital group focused on large, late-stage companies in underdeveloped markets in some of the fastest growing segments of the economy. This page answers the questions an investment committee asks first.
Sources
Strategy
What CrossWork holds. Large private companies, late in their private life.
Three constraints define the strategy: 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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How a decision is made
Five places the advisory board enters a decision. 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 before a decision.
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.
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Evidence
Seven recent outcomes. Named, dated and publicly reported.
Seven recent exits, valued at more than $50 billion in aggregate at the time of each event.
- 2024
AuditBoard
Acquired by Hg · May 2024
- 2025
DataStax
Acquired by IBM · closed May 28, 2025
- 2025
Scale AI
Meta investment · June 2025
- 2025
SingleStore
Growth buyout led by Vector Capital · closed Oct 16, 2025
- 2026
Cerebras
IPO · May 2026
- 2026
Reltio
Acquired by SAP · closed May 7, 2026
- 2026
Salsify
Agreed to be acquired by Cinven · July 2026 · pending
Detailed performance is available to verified investors in the CrossWork portal.
Sources
- 26. Publicly reported values only: Cerebras $56.4B fully diluted at the $185 IPO price (Bloomberg/Yahoo Finance, May 14, 2026); Scale AI: >$29B implied by Meta's $14.3B purchase of a 49% stake in June 2025, a partial realization for holders (Reuters/CNBC, June 2025); AuditBoard >$3B (Hg, May 23, 2024); Reltio $1.26B (SAP Form 6-K, May 2026). DataStax (IBM, 2025), SingleStore (Vector Capital, 2025) and Salsify (Cinven, agreed July 2026, pending) are excluded because terms were not disclosed.
- 2. Crunchbase News, May 29, 2024: the biggest VC-backed exit of 2024, AuditBoard.
- 28. Database Trends and Applications, May 2025: IBM officially closes acquisition of DataStax.
- 29. Bloomberg, June 13, 2025: Meta finalizes $14.3 billion Scale investment, hires its CEO.
- 30. SingleStore, September 10, 2025: SingleStore announces growth buyout led by Vector Capital (press release).
- 32. SingleStore, October 16, 2025: SingleStore and Vector Capital close growth buyout to accelerate Enterprise AI Innovation.
- 1. CNBC, May 13, 2026: Cerebras prices IPO above expected range.
- 25. As of June 30, 2026, per Renaissance Capital 2Q 2026 US IPO Market Review; ranking among first-time issuers. Bloomberg, May 14, 2026. SK Hynix's $26.5B US ADR offering (Bloomberg, July 10, 2026) is a US listing of a company already public in Korea and is excluded.
- 31. SAP News Center, May 2026: SAP completes acquisition of Reltio.
- 11. Salsify, July 22, 2026: Cinven to acquire Salsify, Inc. (press release).
Where AI exposure comes from
Where AI value forms. Before a listing, in private rounds.
Three reasons a late-stage private position sees value that listed holdings meet later.
Value forms before listing
Companies stay private longer, so the steepest part of the value curve now sits before the IPO.
Access through operators
The winners are identifiable before the market names them, by people who operate in the field. That is what our advisory board is for.
Company-level diligence
Former finance chiefs, engineering heads and scientists sit in diligence on the businesses they know best, and tell us when to walk away.
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Working with CrossWork
What a limited partner sees. Structure, portal and board.
Structure
Midas II: Delaware limited partnership; CrossWork, LLC as general partner.
Investor 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.
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Audience
Written for allocators. And the people who advise them.
These are the questions an investment committee asks first.
Endowments and foundations
Wealth managers and RIAs
Insurers
Outsourced CIOs and consultants
Family offices with institutional process
Funds of funds
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Talk to us
Questions about CrossWork or Midas II go to the team directly. Request access and we will reply.