01 Source
- Map the full universe
- Look beyond brand and reputation
- Build relationships before first close
We look for evidence that a manager can reach exceptional founders before the opportunity becomes widely visible.
Positional intelligence
01
Signal over noise.
We focus on managers with differentiated access to exceptional founders — not on brand, momentum or market consensus.
02
Conviction over coverage.
We would rather build meaningful exposure to a smaller number of high-conviction relationships than diversify for diversification’s sake.
03
Venture rewards focus.
Venture does not scale neatly. As capital and portfolio breadth increase, selectivity and access matter more — not less.
We build our own view of the venture universe, from the founder up. That means looking past brand and reputation to the decisions, access and portfolio evidence behind each manager.
02 Diligence
- Reconstruct past investment decisions
- Assess the portfolio company by company
- Unscripted lens
Moving off consensus with a real insight rather than a theme, and decisions that hold up.
03 Conviction
- Internal debate
- No momentum decisions
- No allocation by brand
Testing for repeatability and a tolerance for being wrong: a forward thesis rather than a static record of past wins.
04 Commit
- Back fewer than 10 new managers per year
- Meaningful positions
- Re-up across vintages
A book built to capture outliers, not to spread risk.
Three complementary positions. One focused venture platform.
Emerging managers, established managers and direct co-investments give us different vantage points into the same market — helping us build conviction with more context, not more noise.
One strategy. Broader venture access.
Access to leading managers, direct co-investments and the companies they reach first.
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