Coalition: A new fund meets new economic model

Going back to how a lot of investors operate, it's very ego-driven. It's very driven by one personality or a bunch of lone wolves who happen to run in a pack, and I don't think that's how capital deployment should work. I genuinely believe we need a hive mind, and that's what we've done at Initialized.

The best example of this alternative product is Indie.VC, run by Bryce Roberts. Over the course of 6 years, Indie invested in 40 companies. It held the two key components of limited fund size and gave equity optionality through redemption clauses or equity buybacks. The results are encouraging, with a 51% IRR and 4.3x TVPI, while 87% of the compani... See more

Divvy - $180M raised with a16z/Caffeinated/Max Levchin.

Notably, a coalition is not an ideology. It does not demand internal coherence or consistency; it does not need to reflect deep-rooted principles. Rather, coalitions devise a strategic and often temporary alignment around a limited set of common goals—in this case, propelling technology forward.

Coalitions are the bedrock of politics, especially in ... See more

Then, we decided to revisit fundraising (and do it differently). We set up an AngelList Roll-Up Vehicle (RUV). Through an RUV, any accredited investor can contribute, up to 250 individual investors in a single round. Our first step with the RUV was to email it to our customers. Why? Because fundamentally, I wanted to enrich the people that are maki... See more