Meet the Faces Behind the Fortune: Captured Moments with Trae Stephens, Annie Lamont, and Vinod Khosla
In the world of venture capital, a significant shift is underway. AI startups are skyrocketing in value, and a few notable IPOs are reshaping the landscape. This year's Midas List, Forbes’ annual ranking of the top venture capitalists, reflects these changes. Now in its 23rd year and produced in collaboration with TrueBridge Capital Partners, the list showcases the industry's leading investors, with some familiar faces making a strong comeback.
Alfred Lin’s Triumphant Return
After a two-year hiatus from the top spot, Alfred Lin of Sequoia Capital has reclaimed his position at number one. Lin's impressive portfolio includes the 2020 IPO of Airbnb and the recent 2024 public offering of Reddit. His success is further bolstered by his involvement with OpenAI, the AI powerhouse valued at $86 billion, where he played a key role in reinstating CEO Sam Altman after a brief leadership challenge in 2023.
AI Investors on the Rise
AI’s explosive growth is a recurring theme in this year’s rankings. Early OpenAI investor Vinod Khosla of Khosla Ventures has made a significant leap, moving up 76 spots to number nine. Other notable names include Reid Hoffman at number eight, who invested in OpenAI through his foundation, and Marc Andreessen at number 36, whose firm has also bought shares in the AI sector.
Prominent AI companies like Anthropic and Cohere are also making waves, with their investors featured prominently on the list. Elon Musk’s SpaceX has played a crucial role too, helping Randy Glein of DFJ Growth return to the Midas List at number 14 after a five-year absence. Glein is one of eight investors making a comeback this year.
New Faces and Notable Comebacks
This year's list also includes six newcomers. Among them is Trae Stephens at number 91, cofounder of defense tech unicorn Anduril and a partner at Founders Fund, and Wesley Chan at number 98, an early investor in Canva with FPV Ventures.
The list features a record-matching 13 women investors, equal to the number in 2021. These include newcomer Annabelle Yu Long at number 99 from BAI Capital in China and Annie Lamont at number 86. Lamont, Connecticut’s First Lady and cofounder of Oak HC/FT, is appearing on the list for the fifth time, marking her return after nine years.
How the Midas List is Made
The Midas List is built on a robust, data-driven methodology. Forbes and TrueBridge Capital Partners compile the list using a mix of public data and submissions from hundreds of investment partners across numerous firms. To qualify, investors must have companies in their portfolios that have either gone public or been acquired for at least $200 million in the past five years. Alternatively, companies that have doubled their private valuation to $400 million or more during the same period also count.
The ranking gives priority to liquid exits over unrealized returns, valuing both early-stage investors who achieve high multiples on invested money and later-stage investors who return substantial sums of cash. Top investors typically demonstrate success across a dozen or more eligible investments.
Engaging Highlights
- Alfred Lin Reigns Again: After two years, Alfred Lin of Sequoia Capital returns to the top with investments in Airbnb, Reddit, and OpenAI.
- AI Investment Surge: OpenAI’s $86 billion valuation propels investors like Vinod Khosla and Reid Hoffman up the ranks.
- Comebacks and New Entries: Eight investors return to the list, including Randy Glein, with six newcomers like Trae Stephens and Wesley Chan.
- Women Investors Shine: A record 13 women are featured, including Annabelle Yu Long and Annie Lamont.
The Midas List of 2024 captures a transformative moment in venture capital, highlighting the rise of AI and the impressive returns it generates. As investors navigate this evolving landscape, their ability to spot and nurture groundbreaking companies continues to shape the future of technology and business.
