Intrepid Growth Partners Fund I

Intrepid Growth Partners

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Status

ACTIVE

Global HQ

Toronto, Canada

Countries of investment

Canada
United Kingdom
United States
Germany
Italy

Investment stages

Series B
Series C
Growth

Industries

Artificial intelligence applications
Enterprise software
Vertical AI
Healthcare AI
Adtech
Industrial AI

About
Intrepid Growth Partners is an AI-focused growth investor operating from Toronto and London, founded in 2023 by Mark Machin, Mark Shulgan and Ajay Agrawal. It closed a $525 million inaugural fund backed by more than 80 limited partners including Temasek, Abu Dhabi Investment Council and the British Business Bank. It concentrates on Canada and the UK alongside the US and Europe.

Min check size: $10M
Max check size: $50M
Fund size: Unlock
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Investment Thesis

Intrepid Growth Partners invests only in the AI application layer at growth stage, on the thesis that when the cost of intelligence falls, value accrues to its scarce complements: judgment, proprietary data, distribution and workflow redesign. It targets companies past $10M revenue that reshape whole industries rather than making existing processes marginally more efficient, leading rounds with $30–50M initial cheques.

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Manager's Experience

Founded in 2023 by three Canadian institutional investors and operating from Toronto and London. Mark Machin is the former CEO of CPPIB; Mark Shulgan founded and led OMERS Growth Equity, overseeing $1bn+ across 20 companies, and before that co-founded CPPIB's Thematic Investing team managing $6bn across 30 companies; Ajay Agrawal is a University of Toronto professor and founder of the Creative Destruction Lab. George Hoyem joined as Growth Partner from El Dorado Ventures. Advisors include Turing Award winner Richard Sutton and Shopify president Harley Finkelstein. Fund I closed at $525M in September 2026, $25M above target, with 80+ LPs including Temasek, Abu Dhabi Investment Council, the British Business Bank, Export Development Canada and BDC. Nine investments to date; writes $30–50M initial cheques into AI companies past $10M revenue.