Justin Liberman and Paul Bassat founded Square Peg with a view to back exceptional founders
30 June 2026 reports to Square Peg 's Limited Partners have been stellar!!
Fourteen years in, and the heavy lifting and value creation done by its founders and their teams has paid off in spades .
- Returns: 30% over the past 12 months, aggregated across all funds.
- Duration: a 26% gross IRR across all funds in aggregate since founding in 2012.
- Consistency: seven of the eight funds across VC and Growth have delivered a net IRR of 14% or higher since their inception.
Their ninth fund has just begun investing.
- Realisations: more than US$1b returned to investors, at a 41% gross IRR on those exits.
- Generational companies: three portfolio companies are now valued at US$10b or more. They first invested in Canva and Airwallex pre-revenue, and in Supabase when it was generating less than US$1m in ARR.
- Momentum: average revenue growth across our portfolio of 69% year on year in their venture funds and 44% in their growth funds.
The numbers matter, but they are a lagging indicator. What matters more is the quality of the founders they back — and there have never been more exceptional people building companies with the help of AI right now .
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