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Intrepid Growth Partners
Growth-equity firm; participated in Exein's €100M December 2025 round.
Toronto/London-based growth-equity firm co-founded in 2023 by Mark Machin, Mark Shulgan, and Ajay Agrawal, backing founders building AI/machine-intelligence applications with growth capital and strategic resources from product-market fit through cash-flow generation. Advised by a group of senior operators and policy figures including former RAF Chief of the Air Staff Sir Mike Wigston.
Overview
- Firm
- Intrepid Growth Partners
- Headquarters
- Toronto, Canada
- Founded
- 2023
- AUM
- not publicly disclosed by the firm (third-party estimates cite a ~$500M Fund I, unverified against a primary source)
- Stages
- Growth, Late Stage
- Thesis
- Believes "technology transforms an industry when the whole system is rebuilt around it" — targets paradigm-shifting AI/machine-intelligence applications rather than incremental tooling.
Portfolio companies2
- CompanyExeinRome-based embedded/IoT cybersecurity firm securing firmware across critical infrastructure, industrial, and aerospace devices.
- CompanyPhysicsXLondon-based AI-native engineering software company building physics-simulation/AI models for industrial design, manufacturing, and product engineering.
Partners3
- FounderMark MachinCo-founder and Managing Partner of Intrepid Growth Partners; former President and CEO of CPP Investments (2016-2021), who resigned after a COVID-19 vaccine trip to the UAE drew public backlash.
- FounderMark ShulganCo-Founder and Partner of Intrepid Growth Partners; formerly co-founded and led CPP Investments' Thematic Investing (Growth Equity) unit from 2009 to 2018 and later founded OMERS Growth Equity.
- FounderAjay AgrawalCo-Founder and Partner of Intrepid Growth Partners; Rotman School of Management (University of Toronto) professor and founder of the Creative Destruction Lab; co-author of Prediction Machines and Power and Prediction.
Frequently asked
- What is Intrepid Growth Partners?
- Believes "technology transforms an industry when the whole system is rebuilt around it" — targets paradigm-shifting AI/machine-intelligence applications rather than incremental tooling.
- How much does Intrepid Growth Partners manage?
- Intrepid Growth Partners manages not publicly disclosed by the firm (third-party estimates cite a ~$500M Fund I, unverified against a primary source) in assets, and was founded in 2023.
- What stages does Intrepid Growth Partners invest at?
- Intrepid Growth Partners invests at Growth, Late Stage.
Tags
Sources & citations3
3 sources behind every claim
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