Asymmetric returns through curated positions in category-defining private tech at growth and pre-IPO stages.

Sectors of Focus

We target high-asymmetry opportunities in: AI, advanced computing, quantum, photonics, robotics, defense tech, hardware, fintech, space, semiconductors, developer tools, and digital infrastructure.

Sectors we avoid: SAAS, biotech.

Underwriting Criteria

Every deal we take, regardless of stage, must clear 3 filters:

1. Category leader, not beta play. Credible path to becoming the dominant player in a large, growing vertical. We don't underwrite second-place bets.
2. 10 to 20-year survivability. Structural rationale for why the company endures across cycles.
3. Valuation discipline. Entry priced to leave material room for the targeted multiple.

Deal Types

We invest across two defined risk/return profiles.

Type 1: High upside, mid risk

Growth-stage positions in emerging category leaders.

• Entry valuation: $500M to $10B
• Target return: 10x to 200x over 5 to 10 years
• Liquidity event: 2 to 6 years
• Path to return: Company becomes the industry leader as the vertical compounds, or the underlying technology matures (e.g., quantum).

Type 2: Late-stage pre-IPO

Established companies with proven fundamentals at attractive entry points.

• Target return: 2x to 10x over 1 to 3 years
• Downside scenario: 20% to 50%