B CAPITAL OVERVIEW FOR BCG MDPS

May 2026

FOCUS:
TECH, HEALTHCARE, ENERGY

STAGE:
VENTURE + GROWTH

COME ENGAGE WITH US DURING THIS WEEK IN SAN FRANCISCO

B Capital team in attendance

JEFF JOHNSON

General Partner
Head of Energy

YAN-DAVID (YANDA)

General Partner
Technology / AI

TED HILL

General Partner,
CFO

ROBERT MITTENDORF

General Partner
Healthcare

RAJ GANGULY

Co-Founder & Co-CEO

KATE BECHTOLD

Managing Director,
Investor Relations &
Communications

Three sectors, one interconnected opportunity

Healthcare needs AI. AI needs energy.

B Capital is uniquely positioned at the intersection of all three sectors.

TECH

Increasing productivity

AI co-workers, infrastructure, developer tools, next-gen models

Key positions: Apptronik · Deferred · Oro Labs

HEALTHCARE

Transforming care

AI-driven diagnostics, drug discovery, clinical operations, payment infrastructure

Key positions: Precision Neuroscience · Labviva· Via Health

ENERGY

Powering AI

Grid infrastructure, clean power, and solutions for AI's massive energy demands

Key positions: Star Catcher · Overstory

B CAPITAL AT A GLANCE

AI driven investment firm · By founders, for founders · Global reach · Sector experts

~$11B
ASSETS UNDER MANAGEMENT¹
210+
PORTFOLIO COMPANIES⁴
GLOBAL LOCATIONS²
90+
BCG
TOTAL EMPLOYEES¹
STRATEGIC PARTNERSHIP³

Representative Investments¹²

Awards & Recognitions5,6,7,8,9,10,11

Top 20 Venture Capital firms

Most Prominent VCs in LA, Raj Ganguly

2025 Venture Vanguard, Howard Morgan

Top Healthcare Investors of 2025, Robert Mittendorff, MD

America’s Top Venture Capital Firms, 2025

Top 40 Under 40 Growth Investors of 2024, Adam Seabrook

OUR INVESTMENT APPROACH

ADVANTAGES

Focused funds

Global reach

Agile decision-making

MULTI-STAGE PLATFORM

Dedicated stage-based venture funds to support founders through the company-building lifecycle

Active Co-investment Program Across Strategies

~$2.8B of Committed Capital

BCG STRATEGIC PARTNERSHIP

With BCG, B Capital has a unique advantage of world-leading industry insights

11K+

BCG Consultants Globally
10+ years
Strategic Partnership Duration with B Capital

Founder Intros

Access to top tier founders and
ability to introduce through BCG’s
active participation in the Tech
ecosystem

Customer Access

Introductions to top-tier founders in BCG's network
Introductions to targeted senior
executives at Fortune 1000
companies²

Strategy + AI Advice

BCG engagements completed
across portfolio companies. AI
Transformation, Go-to-market
strategy, pricing, market entry

Talent Pipeline

Ability to look to BCG alumni and
advisors for executive hiring. COO,
CFO, and go-to-market leadership
roles

SENIOR INVESTMENT TEAM

Experienced operators and investors across all three verticals

EXECUTIVE LEADERSHIP

Eduardo Saverin
Co-Founder & Co-CEO
Facebook Co-Founder

Raj Ganguly
Co-Founder & Co-CEO
Bain Capital

Howard Morgan
Co-founder & Chair
Renaissance Tech · First Round

SECTOR LEADERSHIP

215+
Total years investing

Yan-David Erlich
General Partner, Head of Tech
Focus: AI models & infrastructure, developer tools, AI co-workers

Robert Mittendorff, MD
General Partner, Head of Healthcare
Focus: Healthcare, digital health, bio-AI

Jeff Johnson
General Partner, Head of Energy
Focus: Grid infrastructure, clean power, energy-efficient solutions

PROPRIETARY AI INVESTMENT PLATFORM

Tools built by our AI team to drive faster more informed investment decisions

The Bee

AI Agent
Autonomous AI partner that executes actions across the investment workflow

• Automated company research
• Diligence synthesis
• Competitive analysis
• Portfolio monitoring alerts
• Meeting prep and follow-up

The Hive

AI Data Engine
Unified intelligence layer connecting all firm data for real-time insights

INVESTMENT OPPORTUNITIES FOR MDPS

BCG MDPs have preferential investment minimums starting at $100K commitment²

CONSISTENTLY DRIVING ATTRACTIVE PERFORMANCE

NOTES ON INVESTMENT PERFORMANCE

(1) Unless otherwise stated, the values of unrealized investments are based on the good faith estimates of the General Partner as of March 31, 2026, which is based on the best information available in the circumstances. The value of unrealized investments may incorporate assumptions made by B Capital and involves a significant degree of judgment, taking into account a combination of external and internal factors, which may be outside the control of B Capital.
(2) Realized value represents the sum of distributions, interest income and cash proceeds from dispositions of investments. Performance information for certain of the investments include amounts held in escrow or subject to holdback. (3) Gross performance information does not reflect management fees or performance fees (i.e., carried interest) charged by B Capital, or any other expenses at the level of a B Capital fund borne indirectly by investors in such B Capital fund, which will reduce returns and in the aggregate are expected to be substantial.

ADDITIONAL NOTES ON ASCENT FUND I

(1) Data and analysis are estimated as of March 31, 2026 unless stated otherwise, and based on available information to the best knowledge of B Capital. B Capital supports a separate independent valuation process on a quarterly basis and the figures herein are derived independent of such quarterly valuation process.
(2) B Capital Partners Innovators Fund, L.P. (“Ascent Fund I”) was conceived as an internal fund that could serve as a possible pipeline for B Capital external funds comprised of external investors through toe–hold investments.
(3) For informational purposes only, investments have been represented herein as if they were still in Ascent Fund I.