📶 Cendana's latest fund

How Cendana keeps winning, find PMF or beg for approval, the new economic order, a new fund pops up to lure founders from school

March 20, 2025 • Estimated Reading Time: 6 minutes

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When I was investing into emerging managers on the LP side, there was a very small group of LPs who I looked to as tastemakers.

Cendana was one of those LPs.

They’ve quietly built up one of the most impressive fund of funds in the world, and now they have multiple strategies that run in parallel to their core fund investing.

They announced their Fund XI yesterday, and today we’re breaking down the announcement to decipher where their team sees the venture world heading.

Today’s highlights

  • How Cendana keeps winning

  • Find PMF or beg for approval

  • The new economic order

  • A new fund pops up to lure founders from school

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