About Mercor

Founded in January 2023 and headquartered in San Francisco, California, Mercor operates a platform that assists in the development and improvement of frontier AI models using expert human intelligence.

Mercor has built a network of millions domain experts, of whom more than 30,000 are active each week across more than 45 countries.ⁱ These experts support the development of frontier AI models through Reinforcement Learning from Human Feedback (RLHF), supervised fine-tuning, reinforcement-learning environments and model evaluation. Mercor’s experts are drawn from high-skill knowledge domains – including software engineering, finance, medicine, law and consulting – providing the expert human input used to train and evaluate AI models and agents.

Use cases include Doctors working on ensuring AI models are safe and capable enough to help other doctors spend more time with patients and less time filling out forms. With further development leading to AI eventually being able to assist doctors with reading scans, filling out charts and taking notes.ⁱⁱ

Mercor’s top customers include AI labs (OpenAI, Anthropic and Google DeepMind) and enterprises including 5 of the “Magnificent 7”, with enterprise and professional services now the company’s fastest-growing segment.

Mercor’s investors include Benchmark, General Catalyst, Felicis and Menlo Ventures.

Mercor founder Brendan Foody recently wrote, “the barrier to automating everything you do with Claude or ChatGPT is covering the full distribution of apps, worlds, and tasks across the economy”, he also disclosed that “Mercor crossed $2B in ARR in June 2026, just 4 months after hitting $1B in ARR.” ^{iii, iv & v}

Delta-G Chief Investment Officer Tineyi Matanda stated, “our investment thesis on Mercor is based on a belief that the automation of human knowledge work and tasks requires specialist human reinforcement learning. Humans training open/closed/edge LLMs or SLMs on tasks is a critical step in the AI growth thematic.”

About Delta-G

Delta-G Management Australia Pty Ltd (“Delta-G”) (ACN 697 560 080) is a globally focussed Investment Manager specialising in private market secondaries investments. The Investment Manager was founded by three investment and capital market professionals with over 45 combined years of experience, previously managed in excess of A$500m capital across 50+ companies in late-stage venture and secondary transactions.^vi

At Delta-G, we believe that leading AI companies may deliver value over the next decade, and that one form of access to this opportunity lies in the private market.

At Delta-G, we believe private market secondaries represent one way to access these AI companies – a market that, until now, has been limited and fragmented. Access to these private global AI companies has largely been limited to single-asset SPVs, complex structures, high fees and non-institutional managers.

The Delta-G Global Growth Fund - a wholesale private secondaries fund, focused on what we believe to be the leading private global AI companies, and the fastest-growing emerging players in the space. The Fund provides investors with the following attributes:^vii

1. An Australian domiciled fund and Investment Manager.
2. A concentrated exposure to what we believe are the leading 10 to 15 companies in AI across 5 core segments.
3. Companies with a dominant market position being in the Investment Managers view within the top three or similar competitive position within the relevant market category.
4. Companies with revenue scale this typically means a current revenue run-rate of US$500 million or greater
5. An existing (or warehoused) portfolio of later stage companies.
6. A short-term duration as a 5-year Fund.