Underline Capital is a growth-stage venture fund led by Hari Raghavan that invests in private technology companies valued at roughly $1–5B. It practices what it calls active venture: picking companies through deep research, winning primary allocations and secondary entry points, and then managing each position by doubling down, rebalancing or trimming to return capital before IPO. The team brings experience building the secondary desks at Forge and Hiive, alongside Clara Vydyanath on execution and Pratik Sharma on investor relations.