March Capital: the $1.65B AI-infrastructure growth fund doubling down on India

Some funds chase trends; March Capital compounds them. The Santa Monica growth-stage firm - founded in 2014, now managing $1.65 billion across four funds - built its name on a defining win in CrowdStrike and has quietly become one of the most consistent US backers of Indian enterprise tech, from BillDesk to Uniphore.

Investment thesis

March Capital backs enterprise technology companies with established product-market fit that are ready to scale rapidly - "venture and early growth" in its own words. Its five-point philosophy: partner with inspiring entrepreneurs who can scale; target large markets and proven product-market fit; look for quick time to value and platform potential; valuation discipline with a "margin of safety"; and build concentrated portfolios that "double-down" on winners. The firm invests as a team and leads rounds with deep conviction rather than spraying bets. Sectors: enterprise applications, cloud and data infrastructure, vertical software, scientific discovery, cybersecurity and cloud software.

Funds, stages and cheque sizes

The firm's own Fund IV announcement states $1.65 billion+ in assets under management across four funds: Fund I closed at $240 million (May 2016), Fund II at $300 million (~2019, split with an Opportunity Fund II), Fund III at $450 million (~2021) and Fund IV at $650 million+ (February 2023). Positioning today is growth-stage (Series B-D style rounds); the firm has not publicly stated a current cheque size, so founders should read the portfolio rather than a ticket range.

Notable portfolio

The landmark is CrowdStrike - the firm's homepage links its "billion dollar return" story. Other firm-cited names: Forter, ThoughtSpot (led its $100 million Series F at a $4.2 billion valuation), Uniphore, Together AI, Generate:Biomedicines, ASAPP, Expel, Earnin and Nile, with exits including VeloCloud (VMware), Magnite and KnowBe4 (IPOs). India is a real, ongoing franchise: BillDesk (payments); CarTrade - the firm co-led a $145 million round with Temasek in January 2016, and CarTrade IPO'd in August 2021; and Uniphore - March Capital led its $51 million Series C in 2019 and was still on the cap table for its $260 million Series F in September 2026 alongside NVIDIA, AMD, Snowflake, Databricks and NEA.

People

Founded in 2014 by Jamie Montgomery (founder and former CEO of the Los Angeles boutique investment bank Montgomery & Co.), Sumant Mandal and Jim Armstrong (both formerly of Clearstone Venture Partners) and serial entrepreneur Gregory Milken. Co-Managing Partners today: Jamie Montgomery and Sumant Mandal, with Oliver Marques joining as Partner, Capital Formation in January 2025.

Credits and perks

No startup credits or perks programme is publicly stated. March Capital does run The Montgomery Summit, its annual premier tech conference in Santa Monica drawing 1000+ investors, entrepreneurs and senior executives - a serious networking platform for founders, and the most natural in-person route into the firm.

How to engage

marchcp.com carries a dedicated "For Founders" section - a genuine front door. The firm is at 725 Arizona Ave, Suite 304, Santa Monica, CA 90401 (+1 (310) 460-7900), with press-kit contact at [email protected]. Because the firm leads with conviction and invests as a team, warm introductions plus a sharp articulation of product-market fit beat cold outreach.