Skip to content
    CrossWorkRequest access
    Illustration: a long data-center server aisle

    Outcomes

    Seven exits since 2024, including the largest VC-backed exit of 2024 at the time and the second-largest US IPO of 2026 by a first-time issuer at the time.

    IPOs, sales and buyouts of companies held in CrossWork vehicles: each one named, dated and publicly reported, including one sale agreed but not yet closed.

    • 7Exits and announced sales since 2024; one sale is still pending.
    • No. 2 US IPO of 2026Cerebras, May 2026: the second-largest US IPO of 2026 by a first-time issuer, at the time.
    • Largest of 2024 at the timeIn 2024 Hg acquired AuditBoard for $3B+, the largest VC-backed exit of 2024 at the time.
    Sources
    1. 9. 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. 8. 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.
    3. 1. Crunchbase News, May 29, 2024: the biggest VC-backed exit of 2024, AuditBoard.
    4. 6. Business Wire, May 23, 2024: AuditBoard agrees to be acquired by Hg.

    Exits: completed, partial and announced

    Seven companies, seven routes to liquidity

    Each case gives the year a CrossWork vehicle first held the company, how and when it exited, and what the public record showed about it then.

    Acquired by Hg

    AuditBoard

    Entry
    2023
    Exit
    2024 · Completed
    Route
    Buyout
    Value
    $3B+

    AuditBoard sells cloud software to internal audit, risk and compliance teams.

    Midas I became a shareholder in 2023, as AuditBoard's annual recurring revenue was crossing $200 million, as the company later reported.

    At the Hg agreement in May 2024, AuditBoard counted more than 2,000 enterprise customers, including nearly 50% of the Fortune 500.

    In 2024 Hg acquired AuditBoard for $3B+, the largest VC-backed exit of 2024 at the time.

    IPO, May 2026

    Cerebras

    Entry
    2023
    Exit
    2026 · Partial
    Route
    IPO
    Value
    $5.6B raised

    Cerebras builds wafer-scale processors, and the systems around them, for AI training and inference.

    CrossWork became a Cerebras shareholder in 2023.

    In May 2026 Cerebras's IPO raised $5.6B at $185 a share, the second-largest US IPO of 2026 by a first-time issuer at the time.

    At the $185 IPO price, Cerebras was worth $56.4B fully diluted.

    • DataStaxAcquired by IBM
      Entry
      Not published
      Exit
      2025 · Completed
      Route
      Trade sale
      Value
      Terms not disclosed

      At the sale, DataStax sold database and AI-application software built on Apache Cassandra, including Astra DB and Langflow.

    • Scale AIMeta bought a 49% stake
      Entry
      Not published
      Exit
      2025 · Partial
      Route
      Strategic investment
      Value
      $14.3B for 49%

      A year before the Meta investment: at its May 2024 Series F, Scale AI named OpenAI, Meta and Microsoft among the model developers it served.

    • SingleStoreGrowth buyout led by Vector Capital
      Entry
      Not published
      Exit
      2025 · Completed
      Route
      Buyout
      Value
      Terms not disclosed

      At the buyout, SingleStore's customers named at the buyout include Nvidia, Goldman Sachs, Adobe and Kroger.

    • ReltioAcquired by SAP
      Entry
      2023
      Exit
      2026 · Completed
      Route
      Trade sale
      Value
      $1.26B

      When Midas I became a shareholder, Reltio reported $100 million in annual recurring revenue in June 2022, a year before Midas I became a shareholder.

    • SalsifyAgreed to be acquired by Cinven (pending)
      Entry
      2022
      Exit
      2026 · Pending
      Route
      Announced sale
      Value
      Terms not disclosed

      When Midas I became a shareholder: in April 2022 Salsify reported 2021 annual recurring revenue above $110 million and nearly 1,200 customers.

    Sources
    1. 1. Crunchbase News, May 29, 2024: the biggest VC-backed exit of 2024, AuditBoard.
    2. 6. Business Wire, May 23, 2024: AuditBoard agrees to be acquired by Hg.
    3. 8. 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.
    4. 9. 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.
    5. 4. Cerebras: Wafer-Scale Engine 3 Turbo (WSE-3T) specifications, product page.
    6. 10. Database Trends and Applications, May 2025: IBM officially closes acquisition of DataStax.
    7. 11. Bloomberg, June 13, 2025: Meta finalizes $14.3 billion Scale investment, hires its CEO.
    8. 17. Scale AI, May 21, 2024: Scale's Series F, expanding the data foundry for AI.
    9. 12. SingleStore, September 10, 2025: SingleStore announces growth buyout led by Vector Capital (press release).
    10. 14. SingleStore, October 16, 2025: SingleStore and Vector Capital close growth buyout to accelerate Enterprise AI Innovation.
    11. 13. SAP News Center, May 2026: SAP completes acquisition of Reltio.
    12. 15. Reltio, June 1, 2022: Reltio reaches an annual recurring revenue milestone (press release).
    13. 2. Salsify, July 22, 2026: Cinven to acquire Salsify, Inc. (press release).
    14. 3. Cinven, July 22, 2026: Cinven to acquire Salsify.
    15. 16. TPG, April 13, 2022: Salsify closes an investment led by TPG (press release).

    Holding periods

    How long we held each one

    From the year a CrossWork vehicle first held the company to the year of its exit. Years only; no values.

    AuditBoard: 2023 to 2024, completed; DataStax: exit 2025, completed; Scale AI: exit 2025, partial; SingleStore: exit 2025, completed; Reltio: 2023 to 2026, completed; Cerebras: 2023 to 2026, partial; Salsify: 2022 to 2026, pending.
    An arrow marks an exit that is partial or still pending. Where the entry year is not in the published record, only the exit year is shown.
    Table view
    Holding periods by company
    CompanyEntryExitStatus
    AuditBoard20232024Completed
    DataStaxNot published2025Completed
    Scale AINot published2025Partial
    SingleStoreNot published2025Completed
    Reltio20232026Completed
    Cerebras20232026Partial
    Salsify20222026Pending

    Still held

    Positions we continue to hold

    • PerplexityAn answer engine for the open web.

      In September 2025 Perplexity was reported to have raised $200 million at a $20 billion valuation.

    • StripeFinancial infrastructure for the internet.

      Stripe reports $1.9 trillion in total volume on its network in 2025, 34% more than in 2024.

    • Neo4jThe graph database.

      In November 2024 Neo4j passed $200 million in annual recurring revenue.

    • SambaNovaEnterprise AI systems.

      In July 2026 SambaNova announced a $1 billion first close of its Series F at an $11 billion valuation.

    • DataRobotEnterprise machine learning.

      In July 2025 DataRobot launched an Agent Workforce Platform built with NVIDIA.

    Sources
    1. 18. TechCrunch, September 10, 2025: Perplexity reportedly raises a new round.
    2. 5. Stripe, February 24, 2026: Stripe 2025 annual letter.
    3. 7. Neo4j, November 19, 2024: Neo4j surpasses revenue milestone (press release).
    4. 19. SambaNova, July 8, 2026: SambaNova completes first close of its Series F financing (press release).
    5. 20. DataRobot, July 31, 2025: DataRobot announces Agent Workforce Platform built with NVIDIA (press release).

    Portfolio pulse. Recent public milestones across the portfolio.

    Funding rounds, major customers and product milestones, each with a dedicated CrossWork update.

    0 items shown

      Portfolio updates are temporarily unavailable.

      Public reports about companies held in CrossWork vehicles, as reported at the time. Not a complete record; inclusion is not a recommendation.

      Candour

      A lesson we paid for: Thrasio

      Thrasio was a debt-funded roll-up of consumer brands. As online sales slowed after the pandemic boom, it struggled to service that debt. We wrote our position off.

      The takeaway shaped our method: favour companies growing organically, with little debt, over growth bought with leverage.

      The pattern: large private companies with real revenue, held through liquidity.

      Request accessHow we work with institutions

      Current vehicle: Midas II

      Performance detail is available to verified investors.