# 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 | As of March 31, 2026 | Venture | Growth | Later-Stage | Strategic Growth | | --- | --- | --- | --- | --- | | Fund Series | Ascent I, II, III¹ | Growth I, II, III, IV² | Opportunities I, II | | Stage Focus | Seed, Series A and B | Series B to Pre-IPO | in later-stage growth companies | | Total Commitments | ~$900M | ~$4.8B | ~$1.2B | | Portfolio Companies | 100+ | 120+ | 15 | ## 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* *companies*2 ### 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 | ASCENT STRATEGY | | GLOBAL GROWTH STRATEGY | | | | --- | --- | --- | --- | --- | | Ascent Fund III | Emerging Asia Fund | Growth Fund IV | Healthcare Fund II | Energy AI Fund I | | $400M | $350M | $1.25B | $250M | $350M | | $447M | $250M | $1.06B | $140M | $118M | --- ## CONSISTENTLY DRIVING ATTRACTIVE PERFORMANCE | | Vintage | Gross IRR | Net IRR | Gross MOIC | TVPI | DPI | | --- | --- | --- | --- | --- | --- | --- | | Ascent Fund I² | 2019 | 34.3% | 25.5% | 4.3x | 3.1x | 0.1x | | Ascent Fund II | 2021 | 18.3% | 10.5% | 1.7x | 1.3x | 0.2x | | Ascent Fund III | 2024 | 155.8% | 112.6% | 2.5x | 1.8x | 0.0x | | Growth Fund I | 2016 | 15.1% | 9.9% | 2.1x | 1.6x | 0.9x | | Growth Fund II | 2019 | 4.9% | 1.7% | 1.3x | 1.1x | 0.1x | | Growth Fund III | 2021 | 8.8% | 4.8% | 1.3x | 1.1x | 0.1x | | Growth Fund IV | 2025 | NM³ | NM³ | 2.4x | 2.2x | 0.0x | | Healthcare Fund I | 2021 | 12.7% | 8.8% | 1.4x | 1.3x | 0.1x | | Healthcare Fund II | 2025 | NM³ | NM³ | 1.0x | NM³ | NM³ | | Energy AI Fund I | 2025 | NM³ | NM³ | 1.0x | NM³ | NM³ | --- ## 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.