Key Takeaways
- • Harvard Business School's class of 2025 launched Twenty25 Ventures, a peer-backed venture capital fund capitalized with approximately $1 million raised from graduating class members, marking the institution's entry into an emerging trend of MBA-class-sponsored investment vehicles.
- • The seven-person founding team (Yoav Anaki, Yuval Efrat, Lisa Yan, Insoo Chang, Lindsay Atkeson, Madison McIlwain, and Rob Muldowney) secured advisory support from prominent venture capitalists including partners from Lightspeed Venture Partners, Andreessen Horowitz, Wing Venture Capital, and Tau Ventures, with multiple advisors being HBS alumni.
- • Harvard MBA graduates have raised approximately $80 billion in venture capital funding over the past decade—more than any other business school—with notable portfolio companies including battery maker Northvolt, used car marketplace Kavak, and cloud security startup Lacework, establishing the class fund's investment thesis.
- • The fund will deploy capital exclusively in startups founded by HBS class of 2025 peers over a five-year investment period beginning in April 2025, capitalizing on the school's established alumni network and networking advantages within venture ecosystems.
- • The Twenty25 Ventures model reflects a broader shift among business school students leveraging class cohesion and peer networks to access venture funding traditionally gatekept by established institutional investors.
Summary
Seven members of Harvard Business School's graduating class of 2025 have established Twenty25 Ventures, a class-backed venture capital fund capitalized with close to $1 million raised from their cohort. The fund represents a notable institutional adoption of a fundraising model gaining traction across business schools, wherein MBA students pool capital to invest exclusively in startups founded by peers. Founders Yoav Anaki, Yuval Efrat, Lisa Yan, Insoo Chang, Lindsay Atkeson, Madison McIlwain, and Rob Muldowney initiated discussions during the 2023-2024 academic year and commenced formal fundraising in September 2024, with fund closure and deployment beginning scheduled for April 2025.
The fund secured strategic advisory relationships with prominent venture capital professionals, including Alex Kayyal (Lightspeed Venture Partners), Bryan Kim (Andreessen Horowitz), Sara Choi (Wing Venture Capital), and Sanjay Rao (Tau Ventures), along with more than six additional advisors, many of whom are HBS alumni. This advisory structure positions Twenty25 Ventures with institutional-grade guidance from established venture partners while maintaining its peer-focused investment mandate.
The fund's investment thesis is grounded in Harvard's demonstrated venture capital track record. HBS graduates have raised approximately $80 billion in venture capital funding over the past decade—exceeding all competing business schools—with major portfolio successes including Northvolt (battery technology), Kavak (used car marketplace), and Lacework (cloud security). According to PitchBook data, this historical performance supports the fund's underlying premise that an "index" approach to backing HBS class members would outperform traditional venture benchmarks like the S&P 500.
The Twenty25 model capitalizes on Harvard's long-established alumni network advantage, as co-founder Madison McIlwain noted to Business Insider: "It's no surprise that Harvard Business School people are doing business together, right? That is the genesis of the school." The fund will deploy capital over a five-year period, with initial investments commencing in April 2025. This structure allows the class cohort to simultaneously access venture capital markets while distributing dealflow identification and due diligence responsibilities across a large, closely-networked investor base.
The fund secured strategic advisory relationships with prominent venture capital professionals, including Alex Kayyal (Lightspeed Venture Partners), Bryan Kim (Andreessen Horowitz), Sara Choi (Wing Venture Capital), and Sanjay Rao (Tau Ventures), along with more than six additional advisors, many of whom are HBS alumni. This advisory structure positions Twenty25 Ventures with institutional-grade guidance from established venture partners while maintaining its peer-focused investment mandate.
The fund's investment thesis is grounded in Harvard's demonstrated venture capital track record. HBS graduates have raised approximately $80 billion in venture capital funding over the past decade—exceeding all competing business schools—with major portfolio successes including Northvolt (battery technology), Kavak (used car marketplace), and Lacework (cloud security). According to PitchBook data, this historical performance supports the fund's underlying premise that an "index" approach to backing HBS class members would outperform traditional venture benchmarks like the S&P 500.
The Twenty25 model capitalizes on Harvard's long-established alumni network advantage, as co-founder Madison McIlwain noted to Business Insider: "It's no surprise that Harvard Business School people are doing business together, right? That is the genesis of the school." The fund will deploy capital over a five-year period, with initial investments commencing in April 2025. This structure allows the class cohort to simultaneously access venture capital markets while distributing dealflow identification and due diligence responsibilities across a large, closely-networked investor base.
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