Altimeter Capital Management targets $3B for private markets funds

Altimeter Capital Management is reportedly looking to raise $3 billion for its private markets funds. The money includes a new venture capital vehicle aimed at late-stage companies that have not yet gone public.

Bloomberg reported the effort, citing securities filings and a person familiar with the matter.

What Altimeter is raising, and why

The new vehicle is built to back companies in the pre-IPO stage. These are businesses mature enough to have real revenue, but still private enough that public investors cannot buy in.

According to the firm’s Form ADV filing with the SEC, dated March 31, 2026, Altimeter reported approximately $18.8 billion in regulatory assets under management. That same filing showed $18.0 billion in private fund gross assets.

The filing also listed $9.6 billion in hedge fund gross assets and 33 private funds under management. Of those, 2 are hedge funds and 31 are venture capital funds.

A fund-launching spree

Altimeter has not exactly been pacing itself. Research based on its filings shows the firm launched 16 new venture capital funds over the 12 months through October 2026.

Several of those vehicles carry hefty price tags. In March 2026, Altimeter launched the $750 million Altimeter Venture Partners Fund VIII. In June 2026, it closed the $1.5 billion Premier Growth Expansion Fund.

The portfolio offers clues about where the new money could go. Anthropic is cited as Altimeter’s largest private fund investment. The firm also holds a major stake in OpenAI, putting it on both sides of one of the biggest rivalries in artificial intelligence.

On the public side, the AI theme repeats itself. Nvidia made up roughly 19% to 23% of the firm’s Q2 2026 13F filing. A 13F is the quarterly disclosure large investment managers file to show their US stock holdings.

Background: Gerstner’s long bet on tech

Brad Gerstner founded Altimeter in 2008, and the firm is based in Menlo Park. From the start, it has focused on technology companies, investing across both public equities and private growth stages.

What this means for tech and private markets

The concentration in AI is also worth watching. Altimeter’s largest private bet is Anthropic, and its largest public position is Nvidia. A new late-stage fund would likely deepen exposure to AI and enterprise software, although the firm has not publicly specified how the money will be allocated.

The pace of launches also raises a practical question. Sixteen new venture funds in a single year means a lot of vehicles to manage, report on and deploy.