DST Global

DST Global pioneered the late-stage growth equity model, investing in Facebook, Twitter, Spotify, Airbnb, and Alibaba before their IPOs and blurring the line between venture capital and the public markets. The firm’s $500 million bet on Facebook in 2009 yielded a return of over 10x, cementing its reputation for bold, data-driven bets. This track record outperforms #10 Y Combinator’s accelerator approach in sheer scale, as DST’s average check size of $100 million dwarfs the typical early-stage VC's, making it faster and more decisive in deploying capital than the average growth fund.