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Our Culture

What you believe and what you value as an organization matters. Discover the DNA of our firm.

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Our People

Get to know our teams and the stories of select staff members who share why they choose to work at Sands Capital.

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News & Events

Read about some of the latest events, partnerships, and business highlights from Sands Capital.

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Careers

At Sands Capital, we strive to hire exceptional talent who will live our values and support our efforts to deliver on our mission.
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Insights Gained from Past Downturns

Sands Capital portfolio managers reflect on five powerful lessons they have learned while investing through past downturns.

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Episode 3: Credo AI

As artificial intelligence (AI) becomes a part of our everyday lives, making sure it’s transparent and unbiased has become a high priority for businesses, governments, and ordinary people. In this episode of What Matters Most, Scott Frederick, a Sands Capital managing partner, explains how software startup Credo AI is helping to keep AI models responsible. Join us as we look at how Credo AI aims to lead the way in this vital new field.

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Instilling a Long-term Focus

At Sands Capital we encourage our investment team to think in decades not quarters. Director of Research Michael Raab, CFA discusses how culture can support the visionary research needed to find businesses creating the future.

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WEG’s Leading the Way in Sustainability and Innovation

WEG is setting new standards for sustainability and innovation by focusing on energy efficiency and renewable solutions that deliver cutting-edge technologies to align with the needs of a rapidly changing world.

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Philosophy & Approach

Our philosophy is rooted in the belief that, over time, stock prices will reflect the earnings power and growth of the underlying businesses.

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Stewardship

Our latest annual report offers a comprehensive view of how we add value through active stewardship.

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Public Equity

Our newest strategy takes an unconstrained approach to seeking the best growth businesses outside of the U.S.

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Venture and Growth Equity

Sands Capital invests in innovative businesses across all stages of the growth spectrum

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Kelly L. Rogal, CFA

Sr. Research Analyst

Joined Sands Capital

2024

Work Experience

Wafra (2022 - 2024)
New York, NY | Director

Franklin Templeton (2017 - 2022)
San Francisco, CA | Analyst/Portfolio Manager

BNP Paribas Corporate & Investment Bank (2016 - 2017)
New York, NY | Analyst

Oak Hill Advisors (2014 - 2016)
New York, NY | Associate

Falcon Point Capital (2009 - 2013)
San Francisco, CA | Associate

Education

University of California, Berkeley (2008)
BA | Slavic Languages and Area Studies

Kelly is a senior research analyst covering life sciences. She joined Sands Capital in 2024, bringing significant experience investing in therapeutics, in tools and devices, and in ex-U.S. opportunities.

Before joining the firm, Kelly was a director and the global healthcare sector head for Wafra, an alternative asset management firm owned by the Public Institution for Social Security of Kuwait. She also worked as a research analyst on innovative technology businesses at Franklin Templeton, where she was a co-portfolio manager on strategies focused on genomics and medical devices. In addition, she was a commodity trading analyst at BNP Paribas, a fixed income analyst at Oak Hill Advisors, and a long/short research associate at Falcon Point Capital.

Kelly received a BA from the University of California, Berkeley. She is a CFA® charterholder.

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Disclosures and Definitions

Notice for non-US Investors

Sands Capital is an active, long-term investor in leading innovative growth businesses, globally. Our approach combines analytical rigor and creative thinking to identify high-quality growth businesses that are creating the future. Through an integrated investment platform spanning alternatives, growth equity and public equity, we provide growth capital solutions to institutions and fund sponsors in more than 40 countries.

An independent, staff-owned firm founded in 1992 and headquartered in the Washington, D.C. area with offices in London and Singapore, Sands Capital managed more than $58B in client assets as of June 30, 2025.

For institutional and professional investors only. Investment advisory fees are described in Part II of the adviser’s Form ADV.
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