Data as of Q4 2025 (Dec 31, 2025)

Sands Capital Alternatives, LLC

•CIK: 1846444•Filing: Q4 2025

**Sands Capital Ventures, LLC** manages $518M across a concentrated portfolio of 20 positions. The fund exhibits significant conviction in key technology and financial names, with top holdings including KVYO at $118.5M and AIG at $114.9M. Further substantial allocations are maintained in BBNX ($108.8M) and IKT ($26.7M). This structure suggests a highly focused, large-cap tilt within its current investment mandate.

Total AUM
$518.5M
QoQ Performance
+13.6%
Positions
20
Top 10 Concentration
88.8%
Latest Filing
Q4 2025

Top Holdings Allocation

KVYO
NU
BBNX
IKT
KVYO22.9%
NU22.2%
BBNX21.0%
IKT5.1%
DASH4.2%
CPNG4.0%
IOT3.2%
DDOG2.3%

📈 Biggest Buys

TTAN
SERVICETITAN INC
NEW
1.8% of portfolio
TOST
TOAST INC
+92.6%
2.1% of portfolio
KVYO
KLAVIYO INC
+3.8%
22.9% of portfolio
IKT
INHIBIKASE THERAPEUTICS INC
+18.9%
5.1% of portfolio
CPNG
COUPANG INC
+9.5%
4.0% of portfolio

📉 Biggest Sells

TARS
TARSUS PHARMACEUTICALS INC
-50.0%
1.3% of portfolio
NU
NU HLDGS LTD
-4.4%
22.2% of portfolio
IOT
SAMSARA INC
-22.2%
3.2% of portfolio
DDOG
DATADOG INC
-27.7%
2.3% of portfolio
SNOW
SNOWFLAKE INC
-25.0%
0.9% of portfolio

Sector Breakdown

Other100.0%

🚪 Exited Positionssold since Q3 2025

CRWD
CROWDSTRIKE HLDGS INC
SOLD
$7.7M

Changes from Q3 2025

NEW1 new position
↑6 increased
↓5 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

KVYO22.9%
KLAVIYO INC
$118.5M
NU22.2%
NU HLDGS LTD
$114.9M
BBNX21.0%
BETA BIONICS INC
$108.8M
IKT5.1%
INHIBIKASE THERAPEUTICS INC
$26.7M
DASH4.2%
DOORDASH INC
$21.7M

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