Intrepid Growth Partners
Growth equity investor that joined PhysicsX's Series C as a new backer.
Last refreshed: 15 June 2026 · Appears in 1 active topic
Which growth fund brought Canada's pension money into PhysicsX alongside Temasek?
Timeline for Intrepid Growth Partners
Invested as new investor in PhysicsX Series C
UK Startups and Innovation: PhysicsX hits $2.4bn on Temasek cash- What is Intrepid Growth Partners and who founded it?
- Intrepid Growth Partners is a growth equity firm founded in 2023 by Mark Machin (former CPPIB CEO), Ajay Agrawal (Creative Destruction Lab founder) and Mark Shulgan. It is headquartered in Toronto and London with a $500m Fund I focused on AI-driven companies.Source: Intrepid Growth Partners
- Why did Intrepid Growth Partners invest in PhysicsX?
- Intrepid joined PhysicsX's $300m Series C in June 2026, backing the London physics-AI company at a $2.4bn valuation. The firm focuses on machine intelligence companies with proven technology scaling to new markets, which aligns with PhysicsX's expansion into the US.Source: PhysicsX Series C announcement
- Who is Mark Machin and what is his connection to Intrepid Growth Partners?
- Mark Machin is a co-founder and managing partner of Intrepid Growth Partners. He previously served as CEO of the Canada Pension Plan Investment Board, one of the world's largest pension funds.Source: Intrepid Growth Partners
Background
Intrepid Growth Partners joined PhysicsX's $300m Series C in June 2026 as a new investor, backing the London physics-AI company at a $2.4bn valuation alongside lead investor Temasek.
Founded in 2023 and headquartered across Toronto and London, Intrepid raised a $500m Fund I focused on growth-stage machine intelligence companies. It targets businesses past proof-of-concept with initial customers, typically writing cheques of $30-50m as companies scale to the US market. The firm was co-founded by Mark Machin, former CEO of the Canada Pension Plan Investment Board, alongside Ajay Agrawal, founder of the Creative Destruction Lab at the University of Toronto, and partner Mark Shulgan. AI pioneer Richard Sutton, recipient of the 2024 ACM Turing Award, serves as a senior adviser.
Intrepid's portfolio spans sectors including AI infrastructure, healthcare, legal tech and adtech. Earlier investments include StackAdapt, valued at $2.5bn after a $235m raise in February 2025, and CoLab, which Intrepid led through a $72m Series C in November 2025. The PhysicsX position sits alongside what the firm describes as three portfolio unicorns and two acquisitions in its first two years of operation.