Light Street Beacon III: A $90.7 Million Growth-Stage Venture Fund From a Hedge Fund Manager

Light Street Beacon III, L.P. filed a Form D on October 30, 2026 reporting $90.675 million sold, with Glen Kacher named as executive officer. It was the largest venture capital vehicle in that day's filings. The fund comes from Light Street Capital, a Palo Alto firm best known as a hedge fund manager, and it is the third in a series of private venture funds. This profile sets out what the filing shows, what public sources say about the firm, and how growth-stage founders can approach it. Where sources disagree or are thin, we say so.

What the Filing Shows

• Vehicle: Light Street Beacon III, L.P., tagged as a venture capital fund with a generalist or unspecified sector in our data
• Amount: $90.675 million reported sold, filed October 30, 2026
• Named person: Glen Kacher, executive officer

A Form D shows that a vehicle exists and what it reports as sold. It is not a closing announcement. One secondary aggregator of Form D data, aum13f.com, lists an offering amount of $450 million for Beacon III and an earlier filing date of October 31, 2025. If that is right, today's filing is a later update to an offering that has been open for about a year, and $90.7 million is the amount sold so far against a much larger offering. We could not read the underlying filings, so treat both numbers as indicative.

Who Runs Light Street

Glen Kacher is the founder and chief investment officer of Light Street Capital Management. Institutional Investor describes the firm as a "Tiger Grandcub", a label for firms that trace their roots to Tiger Management. Light Street ran money as a public-markets hedge fund first and added private venture funds later, which is why a hedge fund name appears on a venture filing.

The Beacon Funds So Far

• Beacon I launched in 2019. Institutional Investor reports an annualized internal rate of return of 43 percent, according to two sources, and names Slack, Pinterest, Unity Software and Toast among its investments. Other profiles say more than 40 percent
• Beacon II launched in 2021 as a late-stage growth fund. An investment letter cited by Institutional Investor said it would invest about $25 million per company in businesses two to four years from an initial public offering
• Beacon III was reported as being raised in October 2025, with fundraising target, timeline and terms undisclosed at that time

The returns for Beacon I are reported by sources to a magazine, not audited figures, and we cannot verify them.

What Beacon Funds Back

According to an ADV filing summarized by Institutional Investor, the venture funds follow themes the firm believes are reshaping technology and media, including semiconductors and emerging markets, and sectors where technology disrupts competitive dynamics. The funds typically target private technology companies with proven business models, usually at least $50 million in run-rate annual revenue, though the document says a fund could invest in companies with smaller revenues.

The stated investment criteria are:

• A large total addressable market
• Network effects
• Strong barriers to entry
• Global scope
• Significant intellectual property
• Brand identity

A Quiet Private Investor, Until Now

Institutional Investor, citing Crunchbase, reported that Light Street made no new private investments in 2025 up to October and just two in 2024, down from nine new private investments at its 2019 peak. The firm's hedge fund also managed far less than before: $796 million at the end of 2024, down from $3.25 billion at the end of 2020, according to a regulatory filing. After losses of 26 percent and 54 percent in 2021 and 2022, the hedge fund gained 45.7 percent in 2023 and 59.4 percent in 2024.

For founders, this means Beacon III is a returning investor after a slow stretch, so ask what it has done recently and what it plans to do with the new capital.

Why a Hedge Fund-Backed Venture Fund Matters to Founders

• Late-stage focus: with a typical target of $50 million or more in revenue, this is a growth-stage investor, not a seed investor
• Check size: the earlier Beacon II plan of about $25 million per company suggests larger checks, but we found no confirmed figure for Beacon III
• Public-market lens: investors with a public equities background often care about path to listing, margins and how a company compares with public peers
• Speed of decisions: such funds can move quickly on later-stage rounds, but they may also be sensitive to market swings

Our arithmetic: if Beacon III invested about $25 million per company, as Beacon II planned, $90.7 million would fund roughly three to four companies. That is an illustration, not a statement about this fund.

Where the Fund Sits in the Day's Filings

On October 30, our data shows 39 venture capital vehicles reporting $247.1 million in total, and 2 of them reported $0. Beacon III alone accounts for about 37 percent of the total by our arithmetic.

• SPV or deal-by-deal vehicles: 27 filings
• Generalist or unspecified vehicles: 9 filings, including Beacon III
• Other sector-tagged vehicles: 3 filings (biotech, space and defense, AI)

The next largest venture-labeled vehicles were Wind Point Partners XI Access Fund at $40.2 million and Kenro Capital I at $37.5 million. Wind Point is better known as a private equity firm, so its venture label may reflect how the filer categorized it.

Who Beacon Is a Fit For

• Growth-stage technology companies with proven revenue and a clear path to profit or a public listing
• Founders raising a late-stage round who want a minority investor with public-market discipline
• Companies in software, semiconductors, fintech or other themes the firm has backed

It is less obviously a fit for pre-revenue or early-stage startups, given the stated revenue threshold.

How to Approach Light Street

• Get a warm introduction from a co-investor, a portfolio founder or a banker who knows the firm
• Send a short note with your annual run-rate revenue, growth rate, gross margin and round size
• Prepare your data room, check your cap table and model your dilution
• Ask whether the firm expects to be the lead investor or a participant, and what a term sheet would include
• Be ready to compare your valuation with public peers

Questions to Ask Before You Pitch

• Which fund would invest in my company, Beacon III or a co-investment vehicle?
• What is the typical check size, and does the firm take a board seat?
• How does the firm think about listing timelines?
• How much of the fund is reserved for follow-on investment?

What We Could Not Confirm

We could not confirm Beacon III's final size, its target, whether the October 30 filing is an update to an earlier offering, its investments to date or its current check size. Check Light Street's own materials for the latest details.

Browse the investor directory for more active funds, or explore active capital on AngelLinx @ angellinx.ai/register.

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