An ecosystem-specific fund invests exclusively in venture capital managers operating within a single geographic innovation hub. Rather than spreading capital globally, each fund maintains concentrated geographic focus while diversifying across managers and companies within that ecosystem.
Investment Process
The Investment Committee identifies 20–25 established venture capital funds operating within the target ecosystem. Capital is allocated across these managers over a 3-5 year deployment period, providing exposure to hundreds of underlying portfolio companies.
Why Geographic Boundaries
Innovation ecosystems exhibit distinct characteristics: talent networks, capital recycling patterns, sector concentrations, and institutional support structures. These characteristics persist over time and create observable venture performance patterns specific to each geography.
Diversification Within Focus
While maintaining ecosystem concentration, each fund diversifies across vintage years, fund stages, sector focuses, and manager strategies. This reduces single-manager risk while preserving ecosystem-specific exposure.
Selectability
Investors choose which ecosystems match their conviction and portfolio objectives. You may invest in Bay Area technology infrastructure, Tel Aviv cybersecurity and defense tech, Boston life sciences, or any combination that aligns with your allocation strategy.
This structure transforms venture exposure from undifferentiated global allocation into intentional ecosystem selection, supported by institutional portfolio construction methodology.