General Catalyst is exploring the possibility of an IPO, which would make it the first US-based VC firm to go public.

The firm has not yet hired investment bankers or set a timeline, indicating the process is still in its early stages.

This move follows a trend seen in private equity firms like Blackstone nearly two decades ago.

To attract investors, General Catalyst is expanding beyond venture capital. It recently acquired a hospital, entered wealth management and fund-of-funds, launched a tech advisory branch, and raised US$8 billion for new VC funds.

These efforts suggest it is evolving into a broader financial company, similar to firms like Blackstone and Apollo.

While other VC firms, such as Andreessen Horowitz, have considered going public, General Catalyst appears to be further along in the process.

The potential IPO comes amid a slowdown in portfolio company public offerings, shifting attention to VC firms themselves as IPO candidates.

Recent General Catalyst developments