Glossary
Crossover Fund
A fund that invests across both private (late-stage venture) and public markets — typically writing pre-IPO cheques and holding through public listing.
By Amit Tyagi, Fitoor Capital · AletheiaAI Glossary
Definition
Crossover Fund is an investment fund that participates in both private late-stage venture rounds and public market positions. Crossover funds typically enter at Series C or later, with the explicit intent to hold through IPO and continue holding the public stock. Examples: Tiger Global, Coatue, T. Rowe Price, Fidelity, and several mutual fund growth arms.
Crossover fund cheques are large (₹200Cr–₹2,000Cr typical at Series C+). They bring credibility for IPO roadshows and can anchor IPO orders, but typically require minimum revenue/growth thresholds and clean cap tables.
India Context
Crossover funds participate actively in Indian growth-stage rounds in 2026 — Tiger Global, SoftBank Vision Fund, T. Rowe Price (limited), and Premji Invest growth arm are the most active. They typically enter at $20-50M+ rounds with $50-200M cheques. Indian unicorns nearly always have at least one crossover fund in their cap table before IPO.
Crossover funds typically expect public-listing-track terms (no anti-dilution after IPO, clean preferences, mandatory IPO trigger if specific revenue milestones hit).
Example
An Indian fintech at ₹120Cr ARR raises a ₹600Cr Series D. Tiger Global leads with ₹300Cr; Premji Invest co-leads with ₹200Cr; existing investors fill ₹100Cr. The crossover funds enter with the explicit intent to hold through IPO (planned 18-30 months out) and continue holding 50-100% of position in the public stock.
Frequently Asked Questions
Related Terms
Apply what you've learned
See this term at work on real Indian companies.
AletheiaAI checks market narratives against the filings behind them — screener, company disclosures, and sector reports across India’s listed companies, free.