Breaking down the stocks Hemant Taneja (General Catalyst) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from General Catalyst's 13F filed on November 14, 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
Q3 '25 13F filed with SEC
Holdings in Q3 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| CRCL | Circle | 82.9% | Trimmed (-6%) | $2.52B |
| IOT | Samsara | 11.3% | Trimmed (-23%) | $344.6M |
| FIG | Figma | 1.5% | NEW | $45.5M |
| GTLB | GitLab | 1.4% | $41.54M | |
| AVBP | Arrivent Biopharma | 0.9% | $27.58M | |
| MAZE | Maze Therapeutics | 0.9% | $26.86M | |
| CART | Maplebear | 0.9% | $26.13M | |
| GUTS | Fractyl Health | 0.3% | $7.77M | |
| OSCR | Oscar Health | 0.0% | Exited | $-45.19M |
| PET | Wag! | 0.0% | Exited | $-1.61M |
| VRM | Vroom | 0.0% | Exited | $-217.5K |
Current Investment Strategy
General Catalyst CEO Hemant Taneja maintained a highly concentrated crossover portfolio at the end of Q3 2025, holding just five public positions dominated by software and biotech names including GitLab, Arrivent Biopharma, Maze Therapeutics, Maplebear (Instacart), and Fractyl Health, while establishing a new stake in design software firm Figma ahead of its July 2025 IPO. The firm exited consumer-facing plays Oscar Health, Wag!, and Vroom during the quarter, refocusing capital on applied AI infrastructure, precision medicine biotechnology, and marketplace platforms that align with the venture firm's thesis around transformative technology addressing metabolic disease, DevSecOps tooling, and digital commerce.
New Investments
Figma FIG
Hemant Taneja bought $45.5M of Figma in Q3 2025. Figma delivered strong Q3 2025 results with 38% year-over-year revenue growth to a quarterly record of $274.2 million, while beating earnings expectations with $0.10 EPS. The company's decision to raise full-year guidance reflects management confidence in sustained growth momentum powered by its AI-enabled design platform. The market responded positively, with shares appreciating 4.5% on the earnings announcement date.
- Q3 revenue grew 38% year-over-year to a quarterly record of $274.2 million.
- EPS of $0.10 exceeded expectations in Q3 2025.
- Stock price increased 4.5% on November 6 following earnings announcement.
Added, Trimmed, and Exited
Added
General Catalyst did not add to any existing positions during Q3 2025.
Trimmed
Hemant Taneja significantly reduced his two largest holdings: Samsara (IOT) by 2.7 million shares (value declining 27.7% to $344.6M) and Circle (CRCL) by 1.1 million shares (value declining 30.9% to $2.52B).
What it means: These substantial trims to General Catalyst's anchor positions suggest strategic portfolio rebalancing and profit-taking discipline. Both stocks experienced significant negative returns during the quarter, and the reductions likely reflect a combination of valuation management and capital redeployment. The timing is particularly notable given that Taneja simultaneously deployed $45.5M into Figma, indicating he may be rotating capital from mature positions that have underperformed into fresh opportunities with stronger near-term catalysts. This approach aligns with his venture crossover strategy of actively managing position sizes based on risk-reward dynamics while maintaining concentrated exposure to his highest-conviction ideas.
Exited
General Catalyst completely liquidated three positions: Oscar Health (OSCR) worth $45.2M, Wag! (PET) worth $1.6M, and Vroom (VRM) worth $0.2M.
What it means: The full exit from Oscar Health, previously a meaningful $45M position, represents a decisive strategic shift away from the health insurance technology sector. The simultaneous exits from Wag! and Vroom—both consumer marketplace businesses that struggled post-pandemic—suggest Taneja is culling underperforming consumer-focused investments to concentrate capital in higher-conviction enterprise software and infrastructure plays. This portfolio consolidation reflects a clear preference for B2B models with stronger unit economics and defensible moats, consistent with General Catalyst's thesis of backing resilient, transformative companies with sustainable competitive advantages rather than capital-intensive consumer platforms facing structural headwinds.
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.
