One of Europe’s leading tech investors, John Doran, is relocating from London to Silicon Valley to co-lead growth equity giant TCV alongside founder Jay Hoag. Doran, who backed Revolut, Klarna, and Adevinta, helped establish TCV’s European arm and will now strengthen its U.S. presence as the fund eyes its next growth phase.

With $22 billion AUM and a strong track record in companies like Spotify, Netflix, and Zillow, TCV is cautious on big AI bets but is investing in application-layer startups. Despite a tough fundraising environment, TCV raised a $3B fund in 2024 and returned over $15B to investors since 2020. While some recent funds show weaker performance, early IPOs like Hinge Health and upcoming listings from Klarna, Revolut, and others could boost future returns.