Addition × the existing book.
Cross-manager overlap analysis comparing Addition's Q4'25 portfolio against the existing 7-GP portfolio (a16z, 8VC, DST, Greenoaks, KP, KV, Spark). 18 companies overlap; one manager (8VC) has zero shared positions and is omitted from cross-tabulations. Entry valuations follow the Rix template convention of first-investment post-money carried through follow-ons.
First-mover distribution
Of the 18 overlap companies, which manager was first in.
Co-investment pairs
Each cell is the count of overlap companies that the row-manager and column-manager have both invested in. Diagonal cells (dashed) show how many of the 18 overlap companies the manager appears in at all.
| Addn | a16z | 8VC | DST | GO | KP | KV | Spark | |
|---|---|---|---|---|---|---|---|---|
| Addn | 18 | 7 | – | 4 | 5 | 2 | 2 | 9 |
| a16z | 7 | 7 | – | 2 | 3 | 1 | 1 | 1 |
| 8VC | – | – | 0 | – | – | – | – | – |
| DST | 4 | 2 | – | 4 | 3 | 1 | 1 | 1 |
| GO | 5 | 3 | – | 3 | 5 | – | 1 | – |
| KP | 2 | 1 | – | 1 | – | 2 | – | 1 |
| KV | 2 | 1 | – | 1 | 1 | – | 2 | – |
| Spark | 9 | 1 | – | 1 | – | 1 | – | 9 |
The strongest pair edges run through Addition: Addition × Spark (9), Addition × a16z (7), and Addition × Greenoaks (5). Half of Addition's overlap surface flows through Spark, reflecting Spark's growth funds (III/IV/V) and Addition's growth funds operating in the same late-stage AI infra + fintech tape.
Structural observation: 8VC has zero overlap with Addition. 8VC concentrates in earlier Seed/Series A (Defense, Logistics, Govtech, Bio) while Addition skews to Series B/C/D growth rounds, which is why the lanes don't cross. 8VC is omitted from the rest of the cross-tabs.
Three-way overlaps
Companies where three or more managers have invested, ordered by overlap depth. Chips listed in entry-rank order (earliest first).
Two-way overlaps
Companies where exactly two managers have invested. Grouped by manager-pair; default sort by count descending.
Addn Spark 7 companies
Addn a16z 2 companies
Addn GO 1 company
Addn KV 1 company
Invested capital by stage × manager
Where each manager has deployed dollars across the 18 overlap companies. Addition concentrates ~58% in Series E+/Growth, confirming it functions as the late-stage capital lane behind a16z/KP/Spark's earlier rounds in the same companies.
| Stage | Addn | a16z | DST | GO | KP | KV | Spark | Total |
|---|---|---|---|---|---|---|---|---|
| Seed | – | – | – | – | – | 6 | – | 6 |
| Series A | 224 | 50 | – | 28 | – | 1 | 32 | 334 |
| Series B | 198 | – | – | – | 2 | – | 99 | 300 |
| Series C | 198 | 209 | 436 | 33 | – | 26 | 240 | 1,142 |
| Series D | 64 | 153 | 25 | 55 | – | – | – | 297 |
| Series E+/Growth | 965 | 721 | 50 | – | 189 | – | 162 | 2,086 |
| Public | – | 280 | – | – | – | – | 6 | 286 |
| Other | – | 210 | – | 190 | – | 50 | 1 | 450 |
| Total | 1,649 | 1,622 | 511 | 305 | 191 | 83 | 540 | 4,901 |
Total value by stage × manager
Pooled total value at last mark (TV = invested × MOIC). a16z dominates the Series A column (Stripe seed at 1,427x + Applied Intuition Series A at 71.9x), while Series E+/Growth value is split roughly evenly across Addition / a16z, with the rest concentrated in Spark's Anthropic positions.
| Stage | Addn | a16z | DST | GO | KP | KV | Spark | Total |
|---|---|---|---|---|---|---|---|---|
| Seed | – | – | – | – | – | 11 | – | 11 |
| Series A | 552 | 2,092 | – | 153 | – | 5 | 68 | 2,870 |
| Series B | 358 | – | – | – | 95 | – | 104 | 557 |
| Series C | 377 | 571 | 1,455 | 222 | – | 562 | 1,384 | 4,570 |
| Series D | 166 | 176 | 47 | 128 | – | – | – | 517 |
| Series E+/Growth | 1,185 | 1,208 | 133 | – | 189 | – | 313 | 3,028 |
| Public | – | 274 | – | – | – | – | 8 | 282 |
| Other | – | 340 | – | 264 | – | 68 | 0 | 672 |
| Total | 2,638 | 4,661 | 1,635 | 766 | 284 | 645 | 1,878 | 12,506 |
Pool MOIC & cap-weighted IRR
Per-cell pool MOIC = ΣTV / ΣInvested across all positions in that stage × manager bucket. Cap-weighted IRR uses invested capital as weights and excludes IRR = 0 from the weighting. Addition's overlap-only pool MOIC is 1.6x; Spark's 144% IRR is driven almost entirely by Anthropic's Series C and Series E+ marks.
| Stage | Addn | a16z | DST | GO | KP | KV | Spark | Total |
|---|---|---|---|---|---|---|---|---|
| Seed | - | - | - | - | - | 1.8x / 17% | - | 1.8x / 17% |
| Series A | 2.5x / n/a | 42.2x / 48% | - | 5.5x / 59% | - | 4.8x / 27% | 2.2x / 21% | 8.6x / 43% |
| Series B | 1.8x / n/a | - | - | - | 38.7x / 74% | - | 1.0x / -7% | 1.9x / -5% |
| Series C | 1.9x / n/a | 2.7x / 17% | 3.3x / 20% | 6.8x / 58% | - | 21.6x / 47% | 5.8x / 112% | 4.0x / 46% |
| Series D | 2.6x / n/a | 1.1x / 2% | 1.9x / 136% | 2.3x / 19% | - | - | - | 1.7x / 20% |
| Series E+/Growth | 1.2x / n/a | 1.7x / 16% | 2.7x / 17% | - | 1.0x / -0% | - | 1.9x / 315% | 1.5x / 61% |
| Public | - | 1.0x / 11% | - | - | - | - | 1.2x / 4% | 1.0x / 11% |
| Token | - | - | - | - | - | - | - | - |
| Other | - | 1.6x / 12% | - | 1.4x / 27% | - | 1.4x / 25% | 0.3x / -94% | 1.5x / 19% |
| Total | 1.6x / n/a | 2.9x / 15% | 3.2x / 26% | 2.5x / 32% | 1.5x / 1% | 7.8x / 31% | 3.5x / 144% | 2.6x / 40% |
- Addition USD IRR is unreported on all overlap rows — Rix template's USD-perf columns return zero for USD-native funds; recomputation requires fund cashflow tables.
- Cap-weighted IRR excludes IRR=0 from weighting (treats zeros as missing, not as true zero); systematically downweights recent vintages with no realised return yet.
- Pool MOIC where TV is missing fills with invested × 1.0x (treats as flat) — affects most 2025-vintage Addition positions.
- "Other" stage row includes secondaries and ambiguous/late-stage labels not cleanly mapping to Series A–E.
Entry valuation spread
For each multi-manager overlap company, every later-entrant's entry valuation is divided by the company's first-mover entry valuation. Excluded: positions with no entry val. A handful of micro-seed first-movers produce extreme escalations (Stripe a16z 2010 at $22m post-money).
Per-manager escalation summary
| Manager | Positions | Times 1st-in | Follow-on entries | Median multiple | Mean multiple |
|---|---|---|---|---|---|
| Addn | 17 | 7 | 10 | 5.7x | 23.3x |
| a16z | 12 | 4 | 8 | 8.9x | 12.4x |
| DST | 5 | 1 | 4 | 6.7x | 6.2x |
| GO | 5 | 2 | 3 | 4.3x | 9.3x |
| KP | 2 | 0 | 2 | 21.7x | 21.7x |
| KV | 3 | 1 | 2 | 43.2x | 43.2x |
| Spark | 9 | 2 | 7 | 5.1x | 6.1x |
Addition's median escalation (5.7x) sits between Greenoaks (4.3x) and DST (6.7x), confirming Addition operates in the same late-stage lane as those two. KV's 43x median is skewed by Stripe (Feb'14 entry at $1.87bn after a16z's 2010 $22m seed = 85x). KP's 22x median is skewed by Anthropic Aug'25 at $183bn entering after Spark's Mar'23 $5bn (36x).
Top 20 valuation escalations
| # | Company | Later entrant | Date | Later val | First-mover | Date | First val | Mult |
|---|---|---|---|---|---|---|---|---|
| 1 | Applied Intuition | Addn | 2021-06 | $4.73bn | a16z | 2017-08 | $38m | 124.4x |
| 2 | Stripe | KV | 2014-02 | $1.87bn | a16z | 2010-08 | $22m | 85.0x |
| 3 | Anthropic | Addn | 2025-12 | $348.2bn | Spark | 2023-03 | $5.07bn | 68.6x |
| 4 | Anthropic | KP | 2025-08 | $183.0bn | Spark | 2023-03 | $5.07bn | 36.1x |
| 5 | Applied Intuition | a16z | 2020-10 | $1.25bn | a16z | 2017-08 | $38m | 32.9x |
| 6 | Robinhood | GO | 2021-02 | $28.6bn | GO | 2017-04 | $1.30bn | 22.0x |
| 7 | Alchemy | a16z | 2022-01 | $10.3bn | Addn | 2021-04 | $505m | 20.5x |
| 8 | Anthropic | Spark | 2025-02 | $61.6bn | Spark | 2023-03 | $5.07bn | 12.1x |
| 9 | Anyscale | a16z | 2021-10 | $1.10bn | a16z | 2019-08 | $92m | 11.9x |
| 10 | Anyscale | Addn | 2021-10 | $1.00bn | a16z | 2019-08 | $92m | 10.9x |
| 11 | Robinhood | DST | 2019-10 | $11.7bn | GO | 2017-04 | $1.30bn | 9.0x |
| 12 | Robinhood | a16z | 2020-09 | $11.7bn | GO | 2017-04 | $1.30bn | 9.0x |
| 13 | Charlie Health | a16z | 2024-06 | $1.53bn | Addn | 2021-06 | $172m | 8.9x |
| 14 | Charlie Health | Spark | 2024-05 | $1.53bn | Addn | 2021-06 | $172m | 8.9x |
| 15 | Base Power | Addn | 2025-08 | $7.25bn | Addn | 2025-03 | $850m | 8.5x |
| 16 | Robinhood | DST | 2019-08 | $10.5bn | GO | 2017-04 | $1.30bn | 8.1x |
| 17 | Navan | a16z | 2022-07 | $9.30bn | a16z | 2018-10 | $1.15bn | 8.1x |
| 18 | Applied Intuition | KP | 2019-02 | $281m | a16z | 2017-08 | $38m | 7.4x |
| 19 | Robinhood | Addn | 2020-08 | $9.00bn | GO | 2017-04 | $1.30bn | 6.9x |
| 20 | Anthropic | DST | 2024-04 | $26.8bn | Spark | 2023-03 | $5.07bn | 5.3x |
- Entry EqV is first-investment post-money carried through follow-ons (Rix convention) — multi-position companies show different vals per fund because each fund's anchor round is different.
- Stripe a16z 2010 entry at $22m post-money is the seed-stage outlier driving KV's 85x multiple line; if filtered, KV median falls to 4.8x.
- Addition's $7.25bn Aug'25 entry into Base Power preceded its $850m Mar'25 entry by date — likely a stage-label reporting glitch in Addition's source data.
1st-mover vs N-th-mover pool MOIC
Pooled MOIC = ΣTV / ΣInvested per (company × manager). 1st-mover = the manager whose earliest position is the earliest in the company across the 7-manager universe. 47 company-manager cells covered.
Per-manager 1st-mover differential
| Manager | # 1st | # N-th | 1st median | N-th median | Premium |
|---|---|---|---|---|---|
| Addn | 7 | 11 | 1.7x | 1.2x | +0.5x |
| a16z | 4 | 3 | 1.7x | 1.0x | +0.7x |
| DST | 1 | 3 | 3.6x | 2.7x | +1.0x |
| GO | 2 | 3 | 4.5x | 1.9x | +2.6x |
| KP | 0 | 2 | n/a | 1.9x | n/a |
| KV | 1 | 1 | 1.8x | 8.2x | -6.4x |
| Spark | 3 | 6 | 1.2x | 1.0x | +0.2x |
Top 20 wins (highest pool MOIC)
| # | Company | Manager | 1st? | Inv $m | TV $m | MOIC |
|---|---|---|---|---|---|---|
| 1 | Applied Intuition | a16z | Y | 59.5 | 1998.3 | 33.6x |
| 2 | Stripe | KV | N | 77.0 | 634.2 | 8.2x |
| 3 | Dandy | Addn | N | 33.0 | 190.3 | 5.8x |
| 4 | Dandy | GO | Y | 27.7 | 152.8 | 5.5x |
| 5 | Anthropic | Spark | Y | 312.0 | 1607.5 | 5.2x |
| 6 | Charlie Health | Addn | Y | 73.5 | 289.3 | 3.9x |
| 7 | Airwallex | DST | Y | 86.0 | 312.0 | 3.6x |
| 8 | Robinhood | GO | Y | 82.8 | 295.9 | 3.6x |
| 9 | Robinhood | DST | N | 350.0 | 1143.0 | 3.3x |
| 10 | Applied Intuition | KP | N | 49.7 | 141.9 | 2.9x |
| 11 | Relay Payments | Addn | Y | 36.9 | 102.4 | 2.8x |
| 12 | Stripe | DST | N | 50.0 | 133.0 | 2.7x |
| 13 | Applied Intuition | Addn | N | 63.7 | 166.3 | 2.6x |
| 14 | Zeller | Addn | Y | 28.2 | 70.5 | 2.5x |
| 15 | Zeller | Spark | N | 31.6 | 68.4 | 2.2x |
| 16 | Stripe | a16z | Y | 602.4 | 1197.3 | 2.0x |
| 17 | Airwallex | GO | N | 50.0 | 97.7 | 2.0x |
| 18 | Navan | GO | N | 47.2 | 91.9 | 1.9x |
| 19 | Anthropic | DST | N | 25.0 | 47.0 | 1.9x |
| 20 | Robinhood | a16z | N | 390.0 | 709.1 | 1.8x |
Top 10 losses (lowest pool MOIC)
| # | Company | Manager | 1st? | Inv $m | TV $m | MOIC |
|---|---|---|---|---|---|---|
| 1 | Docker | Spark | Y | 0.5 | 0.2 | 0.34x |
| 2 | Dooly | Spark | N | 34.7 | 14.7 | 0.42x |
| 3 | Dooly | Addn | Y | 15.6 | 8.0 | 0.51x |
| 4 | Navan | Addn | N | 135.7 | 87.4 | 0.64x |
| 5 | Alchemy | a16z | N | 53.0 | 39.7 | 0.75x |
| 6 | Docker | Addn | N | 1.6 | 1.3 | 0.82x |
| 7 | Alchemy | Addn | Y | 35.3 | 30.5 | 0.86x |
| 8 | Anyscale | Addn | N | 79.0 | 69.6 | 0.88x |
| 9 | Anyscale | a16z | Y | 64.1 | 61.3 | 0.96x |
| 10 | Charlie Health | Spark | N | 60.1 | 60.0 | 1.00x |
Synthesis
Addition is the late-stage capital lane. Of $1,649m deployed into overlap companies, $965m (58%) sits in Series E+/Growth. Addition is the latest entrant in 7 of the 18 overlap companies and second-latest in 4 more. The 5.7x median escalation places Addition between Greenoaks (4.3x) and DST (6.7x); functionally Addition operates in the late-stage lane, not as an early-stage co-investor with a16z, KP, or KV. The Addition × Spark co-investment count of 9 is the strongest pair edge in the matrix — Spark consistently leads/co-leads at Series B/C and Addition follows-on at Series E+. The Charlie Health, Anthropic, and Chronosphere cadences illustrate this pattern.
The late-stage premium for Addition's lane is real but compressed. The +0.6x median 1st-mover-over-N-th-mover MOIC differential quantifies what conventional wisdom predicts: a16z Stripe 1,427x, a16z Applied 71.9x, KP Applied 38.7x, KV Stripe 21.6x — returns Addition structurally cannot access. But Addition's own 1st-mover positions (Dandy 5.8x, Charlie Health 3.9x, Relay 2.8x, Zeller 2.5x) demonstrate that when Addition leads, returns are reasonable. The actual structural problem is Addition's N-th-mover late-stage rounds in Anyscale, Navan, Alchemy, Robinhood — entered at multi-billion vals and now compressed or just marked at cost. Another 18–24 months of mark-up cycles on Anthropic/Stripe/Robinhood is required to convert the late-entry vintage into 2x+ pooled returns.
Diversification benefit is modest because the overlap concentrates in the same names everyone owns. Five of the 18 overlap companies — Stripe, Anthropic, Robinhood, Navan, Applied Intuition — are canonical late-stage growth names that any institutional VC portfolio will see exposure to. Combined with the structural absence of any 8VC overlap and the very heavy Spark concentration, Addition is functionally adjacent to Spark Growth III/IV/V in the existing book. For incremental allocation purposes, Addition adds limited diversification beyond Spark Growth into late-stage AI infra + fintech + consumer fintech. The genuinely differentiated exposures sit in the 13 two-way overlaps (Base Power, Daedalus, Dandy, Relay, Zeller, Dooly) — worth diligencing individually rather than treating as part of an overlap cluster.
Round-level detail matrix
Reference data: every position by every manager in every overlap company. Rank emojis (1️⃣→) indicate entry-date order within the company across all managers. KP Anthropic Aug'25 is shown deduplicated across Select II + Select III (same round, two vehicles).
Note: no "Addn" filter pill — the universe is already defined as Addition ∩ existing book, so Addition appears in every row.
| Company | Addn | a16z | DST | GO | KP | KV | Spark |
|---|---|---|---|---|---|---|---|
| Stripe5-way | 7️⃣ Series E+/Growth · Dec'20 $161.0m inv @ $106.6bn val · 1.3x · IRR n/a 9️⃣ Series E+/Growth · Jul'21 $138.1m inv @ $149.0bn val · 1.3x · IRR n/a 🔟 Series E+/Growth · Mar'23 $103.5m inv @ $43.1bn val · 2.1x · IRR n/a #12 Series E+/Growth · May'23 $44.2m inv @ $42.5bn val · 2.1x · IRR n/a | 1️⃣ Series A · Aug'10 $200k inv @ $22m val · 1427.1x · IRR 63% 6️⃣ Series E+/Growth · Sep'19 $140.0m inv @ $35.7bn val · 2.2x · IRR 16% 8️⃣ Public · May'21 $25.0m inv @ n/a val · 0.9x · IRR -3% #11 Series E+/Growth · Mar'23 $232.5m inv @ $50.0bn val · 1.6x · IRR 28% #16 Public · Nov'24 $204.7m inv @ n/a val · 1.0x · IRR 17% | 5️⃣ Series E+/Growth · Sep'18 $50.0m inv @ $24.2bn val · 2.7x · IRR 17% | 3️⃣ Series D · Dec'16 $5.0m inv @ $9.18bn val · 6.0x · IRR 25% #15 Other · Apr'24 $92.7m inv @ $65.0bn val · 1.1x · IRR 8% | 2️⃣ Series C · Feb'14 $26.0m inv @ $1.87bn val · 21.6x · IRR 47% 4️⃣ Series A · Mar'18 $1000k inv @ n/a val · 4.8x · IRR 27% #13 Other · May'23 $25.0m inv @ n/a val · 1.4x · IRR 25% #14 Other · May'23 $25.0m inv @ n/a val · 1.4x · IRR 25% | ||
| Anthropic4-way | 5️⃣ Series E+/Growth · Dec'25 $174.1m inv @ $348.2bn val · 1.0x · IRR n/a | 2️⃣ Series D · Apr'24 $25.0m inv @ $26.8bn val · 1.9x · IRR 136% | 4️⃣ Series E+/Growth · Aug'25 $141.8m inv @ $183.0bn val · 1.0x · IRR -0% | 1️⃣ Series C · Mar'23 $150.0m inv @ $5.07bn val · 8.6x · IRR 179% 3️⃣ Series E+/Growth · Feb'25 $162.0m inv @ $61.6bn val · 1.9x · IRR 315% | |||
| Robinhood4-way | 5️⃣ Series E+/Growth · Aug'20 $93.4m inv @ $9.00bn val · 1.2x · IRR n/a | 6️⃣ Series E+/Growth · Sep'20 $180.0m inv @ $11.7bn val · 2.1x · IRR 19% 7️⃣ Other · Jan'21 $210.0m inv @ n/a val · 1.5x · IRR 12% 9️⃣ Other · n/d $0.0m inv @ n/a val · n/a · IRR n/a | 2️⃣ Series C · May'17 $100.0m inv @ $3.00bn val · 6.8x · IRR 32% 3️⃣ Series C · Aug'19 $125.0m inv @ $10.5bn val · 1.9x · IRR 14% 4️⃣ Series C · Oct'19 $125.0m inv @ $11.7bn val · 1.7x · IRR 14% | 1️⃣ Series C · Apr'17 $32.8m inv @ $1.30bn val · 6.8x · IRR 58% 8️⃣ Other · Feb'21 $50.0m inv @ $28.6bn val · 1.5x · IRR 71% | |||
| Airwallex3-way | 3️⃣ Series E+/Growth · Nov'25 $114.6m inv @ $6.80bn val · 1.0x · IRR n/a | 1️⃣ Series C · Dec'18 $86.0m inv @ $1.55bn val · 3.6x · IRR 25% | 2️⃣ Series D · Dec'20 $50.0m inv @ $2.60bn val · 2.0x · IRR 18% | ||||
| Applied Intuition3-way | 4️⃣ Series D · Jun'21 $63.7m inv @ $4.73bn val · 2.6x · IRR n/a | 1️⃣ Series A · Aug'17 $24.5m inv @ $38m val · 71.9x · IRR 87% 3️⃣ Series C · Oct'20 $35.0m inv @ $1.25bn val · 6.7x · IRR 51% | 2️⃣ Series B · Feb'19 $2.4m inv @ $281m val · 38.7x · IRR 74% 5️⃣ Series E+/Growth · Mar'25 $47.2m inv @ $15.0bn val · 1.0x · IRR -0% | ||||
| Charlie Health3-way | 1️⃣ Series A · Jun'21 $73.5m inv @ $172m val · 3.9x · IRR n/a | 3️⃣ Series C · Jun'24 $44.5m inv @ $1.53bn val · 1.0x · IRR n/a | 2️⃣ Series C · May'24 $60.1m inv @ $1.53bn val · 1.0x · IRR -0% | ||||
| Navan3-way | 4️⃣ Series E+/Growth · Jan'21 $135.7m inv @ $5.05bn val · 0.6x · IRR n/a | 1️⃣ Series C · Oct'18 $90.0m inv @ $1.15bn val · 3.0x · IRR 18% 2️⃣ Series D · Jun'19 $150.0m inv @ $4.03bn val · 1.2x · IRR 2% 5️⃣ Series E+/Growth · Jan'21 $148.2m inv @ $5.05bn val · 1.0x · IRR -0% 6️⃣ Series E+/Growth · Jul'22 $19.9m inv @ $9.30bn val · 0.9x · IRR -4% | 3️⃣ Other · Jun'20 $47.2m inv @ $5.00bn val · 1.9x · IRR 17% | ||||
| Adept2-way | 1️⃣ Series B · Feb'22 $27.5m inv @ $336m val · 1.0x · IRR n/a | 2️⃣ Series B · Feb'23 $25.0m inv @ $1.00bn val · 1.0x · IRR -0% | |||||
| Alchemy2-way | 1️⃣ Series C · Apr'21 $35.3m inv @ $505m val · 0.9x · IRR n/a | 2️⃣ Public · Oct'21 $50.0m inv @ n/a val · 0.7x · IRR -8% 3️⃣ Series D · Jan'22 $3.0m inv @ $10.3bn val · 0.8x · IRR -7% | |||||
| Anyscale2-way | 2️⃣ Series C · Oct'21 $79.0m inv @ $1.00bn val · 0.9x · IRR n/a | 1️⃣ Series A · Aug'19 $24.9m inv @ $92m val · 1.7x · IRR 10% 3️⃣ Series C · Oct'21 $39.2m inv @ $1.10bn val · 0.5x · IRR -17% | |||||
| Base Power2-way | 1️⃣ Series B · Mar'25 $155.2m inv @ $850m val · 2.1x · IRR n/a 2️⃣ Series A · Aug'25 $68.6m inv @ $7.25bn val · 1.0x · IRR n/a | 3️⃣ Series C · Aug'25 $30.0m inv @ $4.00bn val · 1.0x · IRR -0% | |||||
| Chronosphere2-way | 2️⃣ Series C · Nov'21 $49.1m inv @ $1.37bn val · 1.7x · IRR n/a | 1️⃣ Public · Oct'21 $6.5m inv @ $1.37bn val · 1.2x · IRR 4% | |||||
| Daedalus Systems2-way | 2️⃣ Series A · Oct'21 $16.9m inv @ $40m val · 1.3x · IRR n/a | 1️⃣ Seed · Mar'20 $1.3m inv @ $30m val · 3.9x · IRR 37% 3️⃣ Seed · Oct'21 $4.6m inv @ $40m val · 1.2x · IRR 11% | |||||
| Dandy2-way | 2️⃣ Series C · Jan'21 $33.0m inv @ $200m val · 5.8x · IRR n/a | 1️⃣ Series A · Sep'20 $27.7m inv @ $85m val · 5.5x · IRR 59% | |||||
| Docker2-way | 2️⃣ Series C · Jun'20 $1.6m inv @ $16m val · 0.8x · IRR n/a | 1️⃣ Other · Nov'15 $517k inv @ n/a val · 0.3x · IRR -94% | |||||
| Dooly2-way | 1️⃣ Series B · Nov'20 $15.6m inv @ $60m val · 0.5x · IRR n/a | 2️⃣ Series B · Apr'21 $34.7m inv @ $305m val · 0.4x · IRR -34% | |||||
| Relay Payments2-way | 1️⃣ Series A · Jul'20 $36.9m inv @ $28m val · 2.8x · IRR n/a | 2️⃣ Series B · Nov'20 $39.6m inv @ $145m val · 1.6x · IRR 12% | |||||
| Zeller2-way | 1️⃣ Series A · Sep'20 $28.2m inv @ $92m val · 2.5x · IRR n/a | 2️⃣ Series A · Jul'21 $31.6m inv @ $340m val · 2.2x · IRR 21% |
Methodology
Data sources
Addition Q4'25 portfolio (Category A Rix template, 108 positions across Fund I–V, 96 unique companies after excluding the "Other Investments*" rollup line). Existing 7-GP portfolio from the Notion Portfolio Positions data source (3,368 positions across a16z 1,029 / KV 1,057 / Spark 429 / KP 353 / 8VC 269 / DST 144 / Greenoaks 87). Both data sets are as of Q4 2025 reporting cycle.
Overlap matching
Company names were normalised by extracting any post-"dba" component, stripping parentheticals (including "fka" reference names), and iteratively removing entity suffixes (Inc, LLC, LP, Ltd, Corp, Co, PBC, Holdings, Holding, Group, Technologies, Tech, Labs, Pty, plus regional Limited/Markets/Insights/International). The result is lowercased before exact-match comparison. Three same-company variants where the strict normaliser failed were added back by hand after verification (Robinhood Markets ↔ Robinhood, Alchemy Insights ↔ Alchemy, Adept AI Labs ↔ Adept).
False-positive rejections
Six candidate matches surfaced by the keyword search were rejected after sector + valuation + date verification: Branch International (a16z emerging-markets fintech) ≠ Branch (Addition US fintech at $112m Series C); Fauna Robotics (KP 2025 humanoid seed) ≠ Fauna DB (Addition 2020 Series C); Fast Forward Labs (KV ML consulting, acquired Cloudera 2017) ≠ Fast (Addition one-click checkout); Bufferbox (a16z parcel delivery, acquired Google) ≠ Buf (Addition Protobuf tooling); Vega Corp (Spark) ≠ VEG (Addition Veterinary Emergency Group); Chapter One Ventures (KP fund-of-funds position, not a portfolio company).
Stage normalisation
The Rix template's Stage [Rix] field is used directly when available; otherwise stage-text fields are canonicalised via rules: Pre-seed/SAFE/Seed→Seed; any "Series A" variant→Series A; Series E and later, plus any Growth/Late-Stage label→Series E+/Growth; Secondaries→Other; Public/IPO→Public; Token→Token. The Other bucket captures ambiguous or late-stage labels that don't map cleanly to A–E.
Valuation conventions
Entry EqV across the Notion data is the first-investment post-money valuation carried through follow-ons (Rix template convention). For companies where a manager has multiple positions, each fund's first commitment anchors the EqV for all that fund's later rounds in the same company. This is why all four Addition Stripe positions show different vals (each fund initiated at a different round). Positions with val/inv > 300 are flagged as potential scaling errors (none in the cleaned overlap set; the highest is a16z Stripe 2010 at 1,427x val/inv from the original $200k seed, retained as it is real).
First-mover ranking
1st-mover designation is by absolute earliest investment date in the company across all 7 managers in this dataset. For Anthropic, that's Spark Mar'23 — but Anthropic's actual seed/pre-A pre-2023 sit outside this universe. The "1st-mover premium" stat is therefore "first-mover within this 7-GP universe", not absolute first-mover. KP Anthropic Aug'25 deduplicates Select II + Select III into one position (same date, same val, same ownership — same round split across two vehicles per Rix convention).
IRR aggregation
Cap-weighted IRR uses invested capital as weights and excludes IRR = 0 from the weighting (treating zeros as missing rather than as true zero performance). This systematically downweights recent vintages where IRR has not yet been computed. For Addition USD-native funds, the Rix template's USD IRR columns return zero — recomputation requires fund cashflow tables not available in this analysis.
Aggregation excludes
The Notion Bucket / aggregated? flag is filtered to NO across all analytics — rollup lines are excluded from position-level math. Robinhood a16z AH Fund III appears with null inv_date and $0 invested capital but $16.3m of carried TV (likely an in-kind transfer from an earlier vehicle); it is excluded from MOIC pooling and IRR weighting but included in the round-level matrix for completeness.