Report: Stanford & Harvard MBAs Dominate The Top Ranks Of AI Venture Capital

More than a third of the most successful AI venture capitalists in the U.S. have an MBA. Most of them earned it at one of two schools.

Of the investors in the 2026 Strebulaev-Jackson ranking of top 100 AI VCs, 38 hold an MBA, according to an analysis Stanford GSB professor Ilya Strebulaev shared with Poets&Quants. Fifteen of those degrees are from Stanford’s Graduate School of Business, and 12 are from Harvard Business School. Together the two schools account for 27 of the 38 MBAs, or 71.1%.

“Business school is a prominent route into AI venture investing,” says Strebulaev.

The MBA edge is sharpest at the very top. Five of the 10 highest-ranked investors hold MBAs, and four of them are from Stanford. Matthew Murphy of Menlo Ventures, No. 1 in the ranking, is a Stanford MBA. So are David George (No. 5) and Sarah Wang (No. 6) of Andreessen Horowitz, and Marc Stad of Dragoneer (No. 7). Joshua Kushner of Thrive Capital, No. 4, holds an MBA from Harvard. 

MBAs AMONG THE TOP 200 AI VCS, BY SCHOOL

School	Top 100	Ranks 101–200	Top 200
Stanford GSB	15	6	21
Harvard Business School	12	10	22
Wharton	3	5	8
Chicago Booth	2	2	4
Northwestern Kellogg	2	0	2
Columbia Business School	1	0	1
IIM Bangalore	1	0	1
University of San Francisco	1	0	1
Yale SOM	1	0	1
MIT Sloan	0	3	3
Dartmouth Tuck	0	2	2
INSEAD	0	2	2
Cornell Johnson	0	1	1
Duke Fuqua	0	1	1
National University (San Diego)	0	1	1
Rensselaer Polytechnic Institute	0	1	1
UCLA Anderson	0	1	1
USC Marshall	0	1	1
Total MBAs	38	36	74
Share with an MBA	38%	36%	37%

Source: Ilya Strebulaev, Stanford GSB

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HOW THE RANKING WORKS

The 2026 Strebulaev-Jackson ranking of top 100 AI VCs ranks individual investors rather than firms. It’s a companion to the researchers’ ranking of AI venture capital firms. Investors are scored only on their investments in U.S.-based, venture-backed AI companies, so every point comes from an AI company. The cutoff date is Aug. 31, 2026.

To decide which companies count as AI, Strebulaev and his co-author classified 728 U.S.-based, venture-backed companies. Their main tool is what they call a removal test: strip the AI out of a company and ask whether the product still exists as something customers would buy.

Each investor’s score rests on six factors, the same ones the researchers use across all their venture rankings. They are the valuation of the companies an investor backed, dilution, net profit, value add, human-capital decay (which discounts older investments) and the split of credit between a firm and its individual partners. The full methodology is laid out in a working paper by Strebulaev and Jackson.

The MBA analysis is a separate layer on top of the ranking. Strebulaev’s team traced the education of each of the top 200 investors through public and commercial profiles, firm bios, LinkedIn and interviews. What they found was a business school pipeline that runs overwhelmingly through Palo Alto and Boston.

A STANFORD & HARVARD STRONGHOLD

Stanford’s 15 MBA holders reach well beyond the top 10. The roster includes Ravi Mhatre of Lightspeed Venture Partners (No. 11), Vinod Khosla of Khosla Ventures (No. 17), Glenn Solomon of Notable Capital (No. 29) and Antonio Rodriguez of Matrix (No. 40). It also includes Sameer Gandhi of Accel (No. 57), Jeffrey Jordan of Andreessen Horowitz (No. 58), Somesh Dash of IVP (No. 69) and Apoorv Agrawal of Altimeter (No. 78). Rounding it out are Michelangelo Volpi of Index Ventures (No. 83), Katherine Boyle of Andreessen Horowitz (No. 85) and Yan-David Erlich of B Capital (No. 96).

Harvard’s 12 MBA holders include Raviraj Jain of Lightspeed (No. 20), Alex Immerman of Andreessen Horowitz (No. 27), Mamoon Hamid (No. 30) and John Doerr (No. 38) of Kleiner Perkins, and Brandon Reeves of Lux Capital (No. 47). They also include Bradley Gerstner of Altimeter (No. 56), Sameer Dholakia of Bessemer Venture Partners (No. 68), Anne Dwane of Village Global (No. 81) and Yasmin Razavi of Spark Capital (No. 91). Sujay Jaswa of WndrCo (No. 95) and Max Gazor of Striker Venture Partners (No. 98) complete the group.

“There are several factors at play,” Strebulaev tells P&Q. “My other research shows the importance of social networking in education: Stanford VCs are more likely to invest in Stanford founders who also tend to have a higher likelihood of success, for example. Proximity to Sand Hill Road certainly plays a role as well.”

Size makes Stanford’s showing even more striking. “GSB is smaller than HBS quite a bit,” he says, “so in relative terms GSB is even more prominent than HBS.”

WHARTON A DISTANT THIRD

Only nine business schools appear in the top 100, and none beyond Stanford, Harvard and Wharton has more than two graduates. Wharton places three: Sarah Guo of Conviction Partners (No. 33), Dharmesh Thakker of Battery Ventures (No. 48) and Ish Dugal of IronArc Ventures (No. 51).

Chicago Booth has two: Cack Wilhelm of IVP (No. 62) and Robert Nelsen of ARCH Venture Partners (No. 70). So does Northwestern’s Kellogg School: Peter Sonsini of Laude Ventures (No. 21) and Alexander Lazovsky of Scale-Up (No. 74), who earned his degree through the Kellogg-Recanati executive MBA. Columbia Business School (John Wolff of Insight Partners, No. 23) and Yale School of Management (Mary D’Onofrio of Crosslink, No. 100) each have one. So do the Indian Institute of Management Bangalore (Ashu Garg of Foundation Capital, No. 88) and the University of San Francisco (Lip-Bu Tan of Celesta, No. 67).

Some prominent schools are missing entirely. MIT Sloan, despite MIT’s weight in AI research, has no MBAs in the top 100. Neither do UC-Berkeley’s Haas School, NYU’s Stern School or UCLA Anderson.

Holding an MBA doesn’t appear to lift an investor higher within the ranking. MBA holders rank about the same on average as investors without one, Strebulaev says, although they make up a minority of the list.

TWO NEAR-MISSES IN THE TOP 10

Strebulaev’s team counted full-time, part-time, executive and one-year mid-career MBAs, as well as the Indian Institutes of Management’s PGP, which it treats as the Indian equivalent. Non-degree executive education didn’t count. Neither did business master’s degrees that aren’t MBAs, or admission without enrolling.

Those rules left out two of the top 10, both with Harvard ties. Guru Chahal of Lightspeed, No. 2 in the ranking, completed HBS’s General Management Program, which awards a non-degree certificate. Sol Bier of Factorial Funds, No. 10, enrolled in the HBS MBA program but didn’t finish. Counting both would give seven of the top 10 a Stanford or Harvard business school connection.

THE NEXT 100 LOOKS DIFFERENT

Extending the analysis to 200 investors barely changes the overall MBA share. Thirty-six of the investors ranked 101 to 200 have an MBA, compared with 38 in the top 100. But the two-school grip loosens. Stanford and Harvard account for 16 of the 36 MBAs in that group, and Harvard leads with 10 to Stanford’s six. Wharton follows with five, and MIT Sloan has three.

Nine schools appear for the first time in ranks 101 to 200: MIT Sloan, Dartmouth’s Tuck School of Business, INSEAD, Cornell, Duke’s Fuqua School of Business, UCLA Anderson, USC’s Marshall School of Business, Rensselaer Polytechnic Institute and National University.

Across all 200 investors, 74, or 37%, hold an MBA. Harvard edges Stanford 22 to 21, and Wharton is third with eight. Eighteen schools are represented.

Read more about the 2026 Strebulaev-Jackson ranking of top 100 AI VCs here.

MBA HOLDERS IN THE 2026 STREBULAEV-JACKSON RANKING OF TOP 100 AI VCS

Rank	Investor	Firm	MBA School
1	Matthew Murphy	Menlo Ventures	Stanford GSB
4	Joshua Kushner	Thrive Capital	Harvard Business School
5	David George	Andreessen Horowitz	Stanford GSB
6	Sarah Wang	Andreessen Horowitz	Stanford GSB
7	Marc Stad	Dragoneer	Stanford GSB
11	Ravi Mhatre	Lightspeed Venture Partners	Stanford GSB
17	Vinod Khosla	Khosla Ventures	Stanford GSB
20	Raviraj Jain	Lightspeed Venture Partners	Harvard Business School
21	Peter Sonsini	Laude Ventures	Northwestern Kellogg
23	John Wolff	Insight Partners	Columbia Business School
27	Alex Immerman	Andreessen Horowitz	Harvard Business School
29	Glenn Solomon	Notable Capital	Stanford GSB
30	Mamoon Hamid	Kleiner Perkins	Harvard Business School
33	Sarah Guo	Conviction Partners	Wharton
38	John Doerr	Kleiner Perkins	Harvard Business School
40	Antonio Rodriguez	Matrix	Stanford GSB
47	Brandon Reeves	Lux Capital	Harvard Business School
48	Dharmesh Thakker	Battery Ventures	Wharton
51	Ish Dugal	IronArc Ventures	Wharton
56	Bradley Gerstner	Altimeter	Harvard Business School
57	Sameer Gandhi	Accel	Stanford GSB
58	Jeffrey Jordan	Andreessen Horowitz	Stanford GSB
62	Cack Wilhelm	IVP	Chicago Booth
67	Lip-Bu Tan	Celesta	University of San Francisco
68	Sameer Dholakia	Bessemer Venture Partners	Harvard Business School
69	Somesh Dash	IVP	Stanford GSB
70	Robert Nelsen	ARCH Venture Partners	Chicago Booth
74	Alexander Lazovsky	Scale-Up	Northwestern Kellogg (Kellogg-Recanati EMBA)
78	Apoorv Agrawal	Altimeter	Stanford GSB
81	Anne Dwane	Village Global	Harvard Business School
83	Michelangelo Volpi	Index Ventures	Stanford GSB
85	Katherine Boyle	Andreessen Horowitz	Stanford GSB
88	Ashu Garg	Foundation Capital	IIM Bangalore (PGP)
91	Yasmin Razavi	Spark Capital	Harvard Business School
95	Sujay Jaswa	WndrCo	Harvard Business School
96	Yan-David Erlich	B Capital	Stanford GSB
98	Max Gazor	Striker Venture Partners	Harvard Business School
100	Mary D’Onofrio	Crosslink	Yale SOM

Not counted: Guru Chahal (No. 2, Lightspeed) completed HBS’s non-degree General Management Program, and Sol Bier (No. 10, Factorial Funds) left the HBS MBA program without finishing.

Source: Ilya Strebulaev, Stanford GSB

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