Light Street invests across a long/short fund, a long-only fund, and private growth equity, letting insights from one side inform the other—for example, after investing $50 million in Uber, it used what it learned from Uber's enterprise push to short rental-car companies like Avis and Hertz. Its private investments target later-stage tech companies with proven business models, often at least $50 million in run-rate revenue, putting in around $25 million per company 2–4 years before IPO, and its search for these companies extends beyond Silicon Valley to markets like India, Brazil, Japan, and Korea.