Legendary NFL quarterback Steve Young, whose investment firm recently closed a $3.2 billion fund, says there’s something to the idea that playing for the 49ers—near Silicon Valley—helps former football players break into private equity and venture capital.
“If I played for the Vikings, I don’t think this goes the same way,” Young tells Front Office Sports.
He and fellow Hall of Fame quarterback Joe Montana have each separately found post-playing career success in the investment world, and they aren’t the only former 49ers who have leaned into the Bay Area’s Silicon Valley investment culture.
Four-time Pro Bowler Brent Jones—a longtime 49ers tight end who won Super Bowls with both Young and Montana—cofounded Northgate Capital, which does private-equity and venture-capital investing. Jones launched Northgate in 2000 alongside running back Thomas Vardell, who played one season with the 49ers (Young was also originally involved with Northgate before he left to start his own firm). Meanwhile, longtime 49ers offensive tackle Harris Barton runs San Francisco-based H. Barton Asset Management, which manages venture-capital funds.
There’s Something About San Francisco
According to Young, there’s a benefit to playing in San Francisco, which is right near Sand Hill Road—considered the heart of Silicon Valley. He says he got his start as an investor while he was still playing, and he credits Jones. “He said we should go up to Sand Hill Road and see if people will give us deal flow access.”
Doug Leone of VC giant Sequoia Capital was “one of the first ones who jumped at the chance,” Young says. Before long, he, Jones, Barton, and 49ers safety Ronnie Lott “had a nice little portfolio of businesses that we invested in out of the locker room.”
“We were best friends when we played,” Young tells FOS. “We wanted to get in on the Silicon Valley explosion in the mid-90s.”
Jones has since sold Danville, Calif.-headquartered Northgate, although he remains involved as part of the investment team.
Young, meanwhile, formed HGGC in 2007. Last month, the Palo Alto, Calif., PE firm closed its fifth fund after securing $3.2 billion from limited partners. The firm manages more than $10 billion worth of assets; Young earned more than $49 million in contracts during his 1985-1999 playing career.
HGGC’s portfolio includes Grand Fitness Partners, a Planet Fitness franchisee that operates more than 80 locations, and Buildertrend, which provides software for homebuilders, remodelers, and specialty contractors. It focuses on areas like technology and business and financial services, although Young says there are plans to get deeper into sports.
Over the last five years, the firm has begun looking at adding sports to its portfolio—not minority interests in teams, but investments in adjacent areas like youth sports.
“I actually avoided sports at first,” Young tells FOS. “I wanted to put in the work and develop expertise.”
Montana’s Current Fundraising Drive
Montana, the quarterback Young took over for in 1991, runs VC firm Liquid 2, which is looking to raise a total of $275 million across two new funds, according to regulatory filings made March 5. Liquid 2 Winners Fund II LP aims to raise $200 million, while Liquid 2 Ventures Fund V LP seeks $75 million. No money has been raised yet, and the filings— first reported by Silicon Valley Business Journal—don’t reveal any other information about the funds.
San Francisco-based Liquid 2, which in January 2025 closed a $100 million fund, focuses on the technology sector, and makes individual investments of up to $5 million, according to its website. The firm has invested in more than 100 companies—examples include sports betting giant FanDuel, esports organization Cloud9, and software development platform Gitlab.
Montana earned a little less than $26 million in contracts during his playing career. His firm, launched in 2015, has raised more than $239 million to date, according to Crunchbase.
