Durable Capital Partners LP

Henry Ellenbogen

Ellenbogen founded Durable Capital Partners in 2019 and serves as its managing partner and chief investment officer. He studied history and science at Harvard College, graduating magna cum laude, and later earned a JD and an MBA from Harvard. Before striking out on his own he spent eighteen years at T. Rowe Price, rising to run the firm's flagship New Horizons Fund from 2010 to 2019 and, before that, the Media & Telecommunications Fund—a stretch that made him a recognized name in growth investing. At Durable, a firm based in Bethesda, Maryland, Ellenbogen looks for what he calls compounders: durable businesses with moats that keep compounding their returns for a decade or more. His framework sorts a company's life into two acts—Act 1, where the product has already proven its market fit, and Act 2, a much larger expansion that even great businesses manage only through sharply swinging share prices. The firm holds a concentrated portfolio and is built to stay invested for years rather than quarters. His signature move has been to steer capital into late-stage private companies before they go public, backing names such as Twitter, Workday, Netflix, Amazon, and Affirm ahead of their IPOs.