Trace Capital
Trace Capital Management is a Houston-based private equity firm focused on the energy sector. Established in August 2022, the firm specializes in investments in upstream oil and gas and midstream infrastructure assets, managing over $1.5 billion in invested and committed capital across two main private equity funds. The company emphasizes building strong assets and businesses by partnering with experienced management teams and utilizing in-depth underwriting and diligence. Its diverse portfolio spans the North American energy landscape, including both operated and non-operated oil and gas as
Investing activity
Trace Capital appears in 1 AI deal tracked by the Lounge deals desk, rounds totalling $1.5B, and led 1 of them. The rounds are mostly Series E, with a median round size of $1.5B. The most recent is Tenstorrent (Series E, $1.5B, Oct 2026).
Trace Capital most often invests alongside Innovation X, and the companies it backs on Lounge are mostly in AI chips.
Deals
Frequently asked questions about Trace Capital
What AI companies has Trace Capital invested in?
Trace Capital's AI investments include Tenstorrent. The 1 round on Lounge are listed on this page with amounts, dates and co-investors.
Where is Trace Capital based?
Trace Capital is based in Los Angeles, California, United States.
What stage does Trace Capital invest at?
In the rounds tracked on Lounge, Trace Capital has invested at Series E, with a median round of $1.5B. Trace Capital led 1 of those rounds.
Who does Trace Capital co-invest with?
Trace Capital's most frequent co-investors on Lounge are Innovation X (1 deal).
How can founders reach Trace Capital?
Founders on Lounge can see Trace Capital's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add Trace Capital to their Investor Pipeline to track the conversation.