Who are Neil Mehta and Greenoaks?
Greenoaks is a concentrated investment firm founded in 2012 by Neil Mehta, a former Benchmark Capital partner. The firm maintains the conviction that only a small handful of companies truly define each generation. With approximately $7 billion under management, Greenoaks employs a high-conviction, research-intensive approach to identify these exceptional businesses across both private and public markets. Mehta's strategy involves building deep partnerships with intensely focused management teams and maintaining positions for decades as these companies execute their long-term vision.
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Changes in Q4 2024
New positions: Greenoaks initiated a position in ServiceTitan, Inc. (TTAN) with 723,030 shares valued at $74.4 million.
Bought: The firm increased its stake in Coupang, Inc. (CPNG) by adding 2,250,199 shares, bringing the total to 13,858,056 shares valued at $304.6 million.
Sold: The firm completely liquidated its positions in Sea Limited (SE), Instacart (CART), The New York Times Company (NYT), and Sonder holdings (SOND), while significantly reducing its holdings in Toast, Inc. (TOST) by 74%, Procore Technologies (PCOR) by 62%, DoorDash (DASH) by 44%, and slightly trimming Carvana Co. (CVNA) by 2%.
New Positions in Q4 2024
ServiceTitan, Inc. TTAN
Neil Mehta bought 723,030 shares of ServiceTitan, Inc. in Q4 2024. ServiceTitan has demonstrated strong revenue growth over the past year, with 25.6% YoY growth to $771.88 million in 2024 and 29% YoY growth in Q4 2025. However, losses widened to $359.7 million in 2024 and $239.1 million in FY2025 despite improved non-GAAP profitability. The stock trades at a 246.47 forward P/E ratio versus the sector's 11.5x average, reflecting premium valuation concerns despite analyst optimism.
- Q4 2025 revenue reached $209.3 million with gross transaction value growing 26% to $17 billion.
- Shares surged 40% on IPO debut but now trade 5.9% above analysts' 12-month target price of $118.23.
- Non-GAAP net income turned positive at $16.5 million in FY2025 despite significant GAAP losses.
Holdings on December 31, 2024
| Ticker | Company | Weight | Changes | Value | Q4 Return |
|---|---|---|---|---|---|
| CVNA | Carvana Co. | 63.0% | Trimmed | $1,160,254,008 | +14.14% |
| CPNG | Coupang, Inc. | 16.5% | Added | $304,600,071 | +6.89% |
| KVYO | Klaviyo, Inc. | 5.2% | $95,544,667 | +16.56% | |
| TOST | Toast, Inc. | 4.2% | Trimmed | $77,943,404 | -66.48% |
| TTAN | ServiceTitan, Inc. | 4.0% | New | $74,378,096 | |
| AMZN | Amazon.com, Inc. | 3.1% | $57,041,400 | +17.74% | |
| DASH | DoorDash, Inc. | 1.4% | Trimmed | $26,546,941 | -34.34% |
| SNOW | Snowflake Inc. | 1.4% | $26,249,700 | +34.43% | |
| PCOR | Procore Technologies, Inc. | 1.0% | Trimmed | $17,988,520 | -54.38% |
| SE | Sea Limited | 0.0% | Liquidated | $0 | |
| CART | Instacart (Maplebear Inc.) | 0.0% | Liquidated | $0 | |
| NYT | The New York Times Company | 0.0% | Liquidated | $0 | |
| SOND | Sonder holdings inc | 0.0% | Liquidated | $0 |
