Strategy

The roots of hyper-diversification

Four principles guide our approach to building diversified exposure to early-stage venture capital.

The Framework

Four principles of hyper-diversification

01

First Checks Win

Earlier investors may have access to differentiated opportunities and develop strong relationships with founders. Seed-stage entry points provide exposure to companies at formative stages of growth.

02

Diversification Unlocks Potential

Early-stage outcomes follow a power law distribution. Broad exposure across many companies can increase the likelihood of participating in opportunities that can meaningfully contribute to portfolio results.

03

Access Isn’t The Constraint

Thoughtful portfolio construction is critical. Exposure to generalists, first-time funds, emerging managers and productive outlier pools are what matter.

04

Indexing Reduces Variance

By building a portfolio that reflects the early-stage ecosystem, we seek to capture market-level returns while substantially reducing single-manager risk.

Instead of trying to select winners, the team has built broad, data-driven exposure across dozens of managers and thousands of pre-seed and seed companies, designed to maximize coverage and limit overlap.