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Jon Staenberg boasts extensive experience in the investment realm, having actively participated as a Private Equity and Venture Partner across various funds for over three decades. Throughout his career, he has managed a portfolio exceeding $400M and has engaged in over 350 investments as an angel investor. Jon’s involvement traces back to his time at Stanford GSB when the SF asset class was being formed, and he maintained close ties with its earliest pioneers. Seeking a new challenge, he reconnected with Irv Grousbeck, one of his favorite professors from Business School and a pioneer of SFs, and this pivotal conversation inspired him to pivot from VC to SFs. For nearly half a decade, he has been investing in this burgeoning asset class.
Driven by the remarkable track record showcasing an average net return of 35% over the past four decades, Jon resolved to launch the Agate Hound Fund, the premier Fund of Funds for “Search”, providing access to the exceptional talent within this ecosystem. The initial target for this inaugural vehicle is to raise approximately $20M, with over 85% of the fund already secured. Initially focusing on North America, predominantly the United States (90%) with a smaller allocation to Canada (10%), Agate intends to support approximately seven Funds of SFs, of which five commitments have already been made, culminating in a diversified portfolio comprising around 120 to 140 companies.
Jon is drawn to the potential for outsized returns, but his passion goes beyond financial gains. He reminisces about the entrepreneurial spirit and collaboration that characterized Venture Capital decades ago. Jon’s overarching strategy involves launching a new Fund of Funds every two years. Presently, he is exploring the potential of expanding the scope to encompass the global landscape for his subsequent vehicle, or at least considering Europe, given the rapid expansion of the SF industry in these regions.
Jon’s vision and commitment to innovation and entrepreneurship have led to a new fund that he hopes will allow others to share in what he believes will be the “golden age” of small business entrepreneurship in the USA and around the world. “You want to know what makes America great?” Jon asked. “It is small business; that is the true fabric of hope and opportunity in our great country.”
