Across Ventures has closed a $100 million fund-of-funds partnership with SBI Holdings, the Tokyo-listed financial services conglomerate managing ¥8.4 trillion in assets. The vehicle targets emerging venture managers operating below the radar of institutional allocators. SBI Holdings contributed the majority of the capital. Across Ventures will handle diligence, portfolio construction, and ongoing manager relations.
The fund will back 15 to 25 early-stage venture funds, with check sizes ranging from $2 million to $8 million per commitment. Across Ventures has spent the past eighteen months mapping sub-$150 million first- and second-time funds in climate technology, enterprise infrastructure, and vertical software. The partnership gives SBI Holdings exposure to U.S. venture dealflow without opening a stateside office. Across Ventures gains access to patient capital and the option to co-invest alongside SBI's existing portfolio of fintech and blockchain operators.
This matters because fund-of-funds capital has become the quiet underwriter of the emerging manager class. Institutional allocators have pulled back from sub-$200 million funds since late 2022, citing operational risk and liquidity mismatch. Family offices and endowments lack the personnel to diligence 20+ managers per vintage year. Fund-of-funds structures solve the access problem without hiring. SBI Holdings has made similar bets in Asia and Europe, seeding regional platforms that later spun into standalone franchises. The Across Ventures vehicle mirrors that playbook: lightweight governance, carry alignment, and a three-year deployment window.
The move also signals capital is flowing back into venture through non-traditional channels. SBI Holdings is not a university endowment or a pension fund. It is a publicly traded financial holding company with exposure to crypto, payments infrastructure, and real estate. Its appetite for venture reflects a broader shift among corporates and sovereign wealth funds, which now account for 28% of global venture commitments, up from 19% in 2019. The emerging manager tier offers higher gross multiples and earlier access to breakout companies, but requires diligence infrastructure that most corporates do not build in-house. Across Ventures monetizes that gap.
Operators and allocators should watch for the first portfolio disclosures, expected in Q2 2025. The fund will likely announce 5 to 8 manager commitments in the initial close, which will reveal whether Across Ventures is backing generalist funds or sector-specific vehicles. SBI Holdings typically requires co-investment rights in at least 30% of underlying portfolio companies, a term that will shape which managers accept capital. The partnership also positions Across Ventures to raise a second vehicle in late 2026, contingent on early performance. If the fund posts a 1.5x gross multiple by vintage year three, institutional allocators will follow.
SBI Holdings now has exposure to 200+ U.S. venture-backed companies through a single $100 million commitment, deployed over thirty-six months, with diligence handled by a third party. That is the fund-of-funds trade in one line.