DST Global

DST Global is a late-stage internet and technology investment firm founded in 2009 by Yuri Milner as a spinoff from Digital Sky Technologies, alongside co-founders Saurabh Gupta, John Lindfors, Rahul Mehta and Tom Stafford. It is registered in the Cayman Islands and runs offices in Menlo Park, New York, London and Hong Kong. The firm invests at Series B and later across consumer, enterprise, fintech and AI, and manages roughly $50 billion. Notable portfolio companies include ByteDance, Flipkart, Ola, WhatsApp and Facebook, alongside Twitter, Snapchat, Spotify, Alibaba and Xiaohongshu.

What distinguishes the firm is scale of concentration relative to headcount. DST writes late-stage checks into internet category leaders across the United States, Europe, China, India and Latin America out of the same numbered funds rather than raising country-specific vehicles, and its SEC filings show how lean the structure is: each fund lists only its corresponding DST Managers Limited entity as the related person rather than naming individual general partners.

The fund series is the clearest record of the firm's growth. Fund II raised about $1 billion in 2011, Fund IV about $1 billion in 2014, Fund V about $1.7 billion in 2015 and Fund IX about $4 billion in 2021, with Funds X and XI filed in August 2025 and July 2026. Every vehicle is registered as an indefinite offering, so dollar amounts do not appear on the notices; two New York feeder vehicles, DST Global X Access LLC and DST Global X Access Offshore LP, were added for Fund X in 2025. The Digital Sky lineage still shows in the mandate: DST buys into consumer internet platforms at the point where the category winner is identifiable but the company is years from a listing.