Private Growth
Quarterly Updates
Quarterly Strategy Reviews
In these webcast reviews, the featured portfolio managers discuss perspectives on the market environment, the portfolios' top contributors and detractors, and recent purchases and sales.
The 1Q 2025 Quarterly Strategy Reviews for Select Growth, Global Growth, Global Leaders, and Emerging Markets Growth will be available until May 22, 2025.
The 1Q 2025 Quarterly Strategy Reviews for Select Growth, Global Growth, Global Leaders, and Emerging Markets Growth will be available until May 22, 2025.
Flash Reports
Our quarterly summary reports of recent investment results, top 10 businesses, portfolio characteristics and exposures, and contribution analysis are available to download now.
Flash Reports
Our quarterly summary reports of recent investment results, top 10 businesses, portfolio characteristics and exposures, and contribution analysis are available to download now.
Commentary Reports
These reports consisting of portfolio overviews, commentary, contribution analysis, purchases and sales, carbon metrics, engagement, and voting activity are available to download now.
Quarterly Reports
These reports consisting of portfolio overviews, commentary, contribution analysis, purchases and sales, carbon metrics, engagement, and voting activity are available to download now.
“They know where the market is heading and what it needs. It has been a complete alignment with our vision.”
Ajay KhannaFounder & CEO, Tellius 
“They know where the market is heading and what it needs. It has been a complete alignment with our vision.”
Ajay KhannaFounder & CEO, Tellius 
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Latest Thinking
Investment Strategy
AI at Scale: The Forces Shaping the Next Decade
In this video series, Portfolio Manager and Sr. Research Analyst Daniel Pilling explores how generative AI is reshaping industries. In examining training versus inference, compute economics, infrastructure constraints—from power grids to chip supply, he evaluates valuations and long-term opportunities for businesses able to seize the promise of the rapidly developing technology.
Investment Strategy
Valuations Don’t Reflect Potential of Gen AI
Valuations have surged, driven by AI enthusiasm. Portfolio Manager Daniel Pilling argues that semiconductors and hyperscalers are fairly priced given yet-to-be-realized revenue opportunities in evolving industries, such as robotics and autonomous vehicles.
Investment Strategy
Reimagining Work and Value in the AI Age
Compute growth and synthetic training environments will fuel industrial and domestic robots, unlocking efficiencies and redefining time’s value. Explore how AI adoption and consumer time savings may reshape economics and spending patterns.
Investment Strategy
AI Adoption Becoming a Matter of Survival
AI infrastructure has evolved from optional investment into an existential imperative. Hyperscale compute delivers sub-year paybacks and fortifies resilience against downturns. Portfolio Manager Daniel Pilling argues that organizations underinvesting in AI infrastructure risk falling irretrievably behind in tomorrow’s digital economy.
In The News
Opportunities in International Markets Discussed on Bloomberg Intelligence’s Inside Active Podcast
Sands Capital’s Danielle Menichella, portfolio manager of the International Growth Strategy, was featured on Bloomberg Intelligence’s Inside Active podcast, discussing how we invest with conviction in international markets.
Investment Strategy
China’s Robotics Renaissance Appears More Than a Cyclical Fad
After recent trips to China, Sands Capital Sr. Research Analyst Massimo Marolo, CFA, finds China’s industrial backbone combined with proactive policies around market entry, R&D incentives and antitrust oversight, create fertile ground for automation to redefine productivity and competitiveness.
Investment Strategy
Exploring AI’s Ever-Evolving Value Chain
AI workloads are skyrocketing as models expand in scale and complexity, pushing compute demand and supply-chain limits to reshape digital infrastructure. Discover how evolving GPU technology, chip manufacturing bottlenecks, and geopolitics drive the next wave of AI innovation.
In The News
Sands Capital Announces Successful Global Ventures Exit Following Brightflag Acquisition
Brightflag, backed since Series A by Sands Capital, was acquired by Wolters Kluwer for €425M.
Business Perspectives
Globant Takes a Design-First Approach to Pure-Play Digital Services
Pure-play businesses have become a staple investment for Sands Capital. Discover the story behind Globant, a growing leader in IT Services, whose more than 1,500 Fortune 500 and Fortune 2000 clients rely on it to deliver cutting edge technologies and customized solutions for even their loftiest technology goals.
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