Deep Tech Venture Capital Fund III

Deep Tech Venture Capital Fund III: High-Risk Access to Transformative Technology Investing

Deep technology venture capital sits at the highest-risk, highest-potential-return end of the investment spectrum. Unlike consumer technology or software startups — where products can be built and tested quickly with relatively modest capital — deep tech companies are built on scientific breakthroughs that require years of research, large capital commitments, and specialised expertise before commercialisation. The barriers to entry are enormous. So is the potential payoff when they succeed.

This fund is the GP's third deep tech venture vehicle, following Fund I (4.2x MOIC realised) and Fund II (currently in portfolio build phase). It is coming soon and accepting expressions of interest from qualified investors.

Important notice: This is a speculative investment. The majority of portfolio companies will fail. You should only invest an amount you are entirely comfortable losing in full.

Investment Focus Areas

The fund focuses on four deep technology sectors where the GP has established expertise and deal access:

Artificial Intelligence and Machine Learning (infrastructure and applied): Not consumer-facing AI applications, but foundational AI infrastructure — novel chip architectures, inference optimisation technology, specialised AI hardware, and applied AI in sectors such as drug discovery, materials science, and autonomous industrial systems. The fund seeks companies solving hard computational problems that large technology companies cannot solve internally.

Quantum Computing and Quantum Communications: The transition from experimental to early commercial quantum computing is underway. The fund targets companies developing quantum hardware, error-correction software, quantum networking, and the first commercial quantum applications in cryptography, logistics optimisation, and financial modelling. Timeline to commercial scale remains uncertain — this is a high-risk, long-horizon position.

Biotechnology and Synthetic Biology: Platform biotechnology companies using AI-enabled drug discovery, synthetic biology tools, gene editing technologies, and novel therapeutic modalities. The fund focuses on platform companies rather than single-drug bets, seeking portfolio companies whose technology can generate multiple commercial products across indications.

Advanced Materials and Manufacturing: New materials with properties unavailable in nature — advanced composites, metamaterials, programmable matter, and next-generation battery chemistry — together with the manufacturing processes required to produce them at scale. Applications span aerospace, defence, clean energy, and consumer electronics.

Portfolio Construction

The fund will invest in 20–30 companies across these four sectors, deploying capital from pre-Series A (very early, highest risk) through Series B (growth stage, de-risked but still high-risk relative to public equity). No single investment will represent more than 8% of committed capital at cost.

Follow-on reserves are allocated for each portfolio company, allowing the fund to participate in subsequent financing rounds and protect its ownership percentage in the most successful companies.

GP Track Record

The GP's first fund (Fund I, vintage 2017, fully realised by 2024) returned 4.2x MOIC — meaning every dollar invested returned $4.20. This is a strong but not extraordinary return for early-stage deep tech VC, reflecting both successful exits and a number of complete write-offs.

Fund II (vintage 2021, currently in portfolio phase) includes several portfolio companies that have reached Series B and beyond, with one company having achieved unicorn status ($1B+ valuation). Final returns will not be known until Fund II is fully realised.

Past performance of prior funds is not a guide to Fund III returns. Venture capital returns are highly dispersed — the difference between a median manager and a top-quartile manager is enormous, and past track record is one indicator (but not a guarantee) of future results.

Fund Timeline and Liquidity

The fund has an 8–10 year life. There will be interim distributions as portfolio companies achieve successful exits — typically through trade sale to a corporate acquirer or IPO — but the timing of these events is entirely unpredictable. The majority of distributions are likely to occur in years 5–10 of the fund life.

There is no mechanism for investors to redeem their capital before the fund's natural conclusion. Interests may in theory be transferred to another investor on the secondary market, but the secondary market for VC fund interests in early funds is thin and transfers cannot be guaranteed.

Risk Considerations — Please Read Carefully

Total loss risk: This is a genuine and material risk. Most startups fail. Even with a diversified portfolio of 20–30 companies, it is entirely possible that the fund returns less than invested capital. Some funds of this type have returned 0.0x to investors. Only invest an amount whose total loss would not materially affect your financial position or lifestyle.

Long time horizon with zero liquidity: Capital is locked up for 8–10 years with no liquidity mechanism. Do not invest any capital that you may need within this timeframe.

Valuation uncertainty: Portfolio companies are privately held. Valuations during the fund life are based on the most recent funding round or GP estimates — these may not reflect actual realisable value at exit.

Regulatory and IP risk: Deep tech companies face regulatory hurdles (especially in biotech) and intellectual property challenges. A key patent invalidated, a regulatory rejection, or a competitor breakthrough can eliminate a company's entire value overnight.

Suitability

This fund is exclusively suitable for sophisticated investors or professional clients with significant existing wealth, a high tolerance for loss (including total loss), a genuine long-term investment horizon, and an appetite for high-risk, high-return speculation. It should represent a very small portion — typically no more than 2–5% — of total investable assets. It is not suitable for retail investors, investors who cannot afford to lose their entire investment, or as a core portfolio holding.

How to Register Interest

Fund III is coming soon and not yet open for subscription. To register your expression of interest, receive the GP's track record documentation, and be notified when the private placement memorandum is available, contact our investment team. Full suitability assessment will be required before any commitment is accepted.