Breaking down the stocks Hemant Taneja (General Catalyst) bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from General Catalyst's 13F filed on April 16, 2025.
Who are Hemant Taneja and General Catalyst?
Hemant Taneja is the CEO and managing partner of General Catalyst (commonly referred to as General Catalyst). The firm is known for its highly concentrated public equity portfolio, typically consisting of around 10 stocks, with the top 5 holdings comprising approximately 98% of assets, and variable cash holdings deployed into strategic follow-on opportunities across private and public markets. His investment strategy is a growth-oriented venture and crossover approach emphasizing uncommon collaboration with founders to build resilient, transformative companies through applied AI, sustainability, and ecosystem innovation. Taneja focuses on high-potential companies in sectors like healthcare, AI infrastructure, software, and climate tech that can achieve massive scale and social impact, with strong qualitative factors like visionary leadership, disruptive business models, high margins, defensible moats, rapid adoption, and the ability to compound value through operational transformations and long-term secular trends.
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Hemant Taneja on X
Q1 '25 13F filed with SEC
Holdings in Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| IOT | Samsara | 75.3% | $668.56M | |
| GTLB | GitLab | 4.9% | $43.31M | |
| SNOW | Snowflake | 4.4% | $38.74M | |
| EVLV | Evolv | 3.8% | $33.68M | |
| CART | Maplebear | 3.2% | $28.35M | |
| AVBP | Arrivent Biopharma | 3.1% | $27.64M | |
| OSCR | Oscar Health | 3.1% | $27.63M | |
| MAZE | Maze Therapeutics | 1.3% | NEW | $11.41M |
| BIGC | BigCommerce | 0.8% | $6.91M | |
| PET | Wag! | 0.1% | $1.05M | |
| VRM | Vroom | 0.0% | Trimmed (-80%) | $224.29K |
| WRBY | Warby Parker | 0.0% | Exited | $-136.95M |
Current Investment Strategy
General Catalyst CEO Hemant Taneja maintained a highly concentrated crossover portfolio in Q1 2025, with top holdings in AI infrastructure and software names including Samsara, GitLab, and Snowflake, while initiating a position in newly-public genetics-focused biopharma Maze Therapeutics following its January IPO and exiting retail tech investment Warby Parker. The venture-to-public equity strategy reflects the firm's focus on backing portfolio companies through their full lifecycle, emphasizing resilient enterprise software platforms with strong unit economics, applied AI capabilities, and transformative healthcare technologies aligned with its long-term "enduring company" thesis.
New Investments
Maze Therapeutics MAZE
Hemant Taneja bought $11.41M of Maze Therapeutics in Q1 2025. Maze Therapeutics significantly strengthened its financial position in Q3 2025, securing $383.9M in cash following a $150M private placement, providing runway into 2028 and positioning the company to execute on multiple clinical milestones. The company achieved a modest EPS beat with losses of -$0.66 versus consensus of -$0.74, while advancing its pipeline with positive Phase 1 data from MZE782 supporting Phase 2 initiation in phenylketonuria and chronic kidney disease in 2026, plus ongoing Phase 2 enrollment in MZE829 with proof-of-concept data expected by end of Q1 2026. Despite a recent 9.6% stock decline, analyst consensus remains strongly positive with an average price target of $37.83, representing meaningful upside potential from current trading levels.
- Cash position increased 95% to $383.9M from $196.8M at year-end 2024, with expected cash runway into 2028.
- Q3 2025 EPS of -$0.66 beat consensus of -$0.74, outperforming expectations by $0.08.
- Analyst consensus rating of Buy with average price target of $37.83, implying approximately 29% upside potential from current levels.
Added, Trimmed, and Exited
Added
General Catalyst did not add to any existing positions during Q1 2025.
What it means: This reflects the firm's highly concentrated, conviction-driven approach where capital deployment is reserved for strategic opportunities rather than incremental position building, maintaining discipline across their focused portfolio of approximately 10 holdings.
Trimmed
General Catalyst significantly reduced its stake in Vroom (VRM), cutting the position by 80% from 38,145 shares to just 7,629 shares, though the remaining position increased 13% in value to $224,293.
What it means: This substantial trim suggests Hemant Taneja is taking profits and de-risking exposure to the struggling online used car platform, likely recognizing that Vroom no longer fits the firm's thesis for transformative, high-growth companies. The modest remaining stake indicates a near-complete exit strategy while maintaining optionality on any potential turnaround.
Exited
General Catalyst completely liquidated its position in Warby Parker (WRBY), selling all 5,656,571 shares that were previously valued at $136.9M, representing what was likely one of the portfolio's largest holdings.
What it means: This exit marks a major portfolio reallocation for General Catalyst, freeing up substantial capital for redeployment. The complete liquidation suggests the eyewear retailer may have achieved Taneja's investment objectives or that the risk-reward profile no longer justified its significant portfolio weight, possibly reflecting concerns about competitive pressures in direct-to-consumer retail or a strategic pivot toward higher-conviction opportunities in AI, healthcare, and infrastructure themes that align more closely with the firm's current focus areas.
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
