A Multi Capital Fund
NOTALONE
VENTURES
VENTURES
Informational only · Not an offer · Past performance not indicative
01 / 18
Most 2021 – 2025 crypto funds are underwater
“
Is it a mismatch in their DNA?
”
Who they are
Generalist TradFi investors with limited hands-on Web3 operating experience.
How they invest
A hype-driven investment approach with spray-and-pray capital.
Narratives replace thoughtful project-level judgment.
How they think
TradFi success lens: market share and efficiency drive future re-rating. Overlooks key drivers of Web3 outcomes.
What they add
Capital, sometimes relationships.
Limited involvement in execution post-investment.
2016
2021
Why this approach worked
1A limited number of projects, with founders often being top-tier operators by default
2Liquidity and mindshare were concentrated in a small set of assets
3Structurally low competition for attention, enabling low-valuation entry points
2022
2025
Why it no longer works
1~100× more teams raising capital, ~10× more projects reaching market
2Average project quality has declined while valuations remain elevated
3Tens of thousands of alternative assets (e.g. memes) fragment liquidity and attention
Result
Median 1-year post-TGE performance is approximately −75%, structurally challenging the viability of traditional crypto VC models.
Informational only · Not an offer · Past performance not indicative
02 / 18
The Game Has Changed
What worked in the last cycle no longer wins capital, attention, or returns.
LAST CYCLE PLAYBOOK
Be early
Be first
Back the narrative
Wait for liquidity
Follow tier-1 VC
THIS CYCLE PLAYBOOK
Be selective
Be execution-driven
Be globally connected
Plan for liquidity
Support in distributing tech and tokens
Informational only · Not an offer · Past performance not indicative
03 / 18
Access to the Right Tail is No Longer Achieved Through
- Narrative Selection
- Tier-1 co-investment
- Buzzword-driven positioning
These heuristics were effective only during periods of concentrated liquidity and mindshare.
Why Traditional Finance Frameworks Fail Here
Crypto assets compete simultaneously across multiple dimensions
Partnership access, mindshare, liquidity depth, and retail flows — at the same time, not sequentially.
Token launch is a standalone product
It requires its own GTM strategy and execution. Most founders excel at either technology or token mechanics — not both.
The 2016–2021 cycle distorted skill perception
Abundant liquidity masked execution gaps (liquidity > competence).
Capital-only allocation no longer works
As attention, liquidity, and narrative bandwidth compress, passive capital structurally underperforms.
Misaligned incentives remain unresolved
Limited GP skin in the game, alongside side allocations at more favorable terms, weakens LP alignment.
Consistent Access to the Right Tail Requires
Superior inputs, not broader exposure.
Access to structurally stronger "raw material": teams, ecosystems, and entry setups.
Execution that compounds advantage.
A market execution and distribution playbook designed to push projects into the top decile — not just fund them.
Web3-native GTM and liquidity design.
Token architecture, incentive loops, distribution strategy, and liquidity choreography treated as first-class products.
Forward-looking narrative positioning.
Anticipating where attention and mindshare rotate over the next 12–18 months, not reacting after the fact.
Deep ecosystem leverage.
Long-standing relationships that unlock distribution, liquidity, grants, talent, and strategic partners.
Informational only · Not an offer · Past performance not indicative
04 / 18
While Sentiment Cycles, Fundamentals Keep Scaling
Informational only · Not an offer · Past performance not indicative
05 / 18
Macro Liquidity
Informational only · Not an offer · Past performance not indicative
06 / 18
Regime Framework
Informational only · Not an offer · Past performance not indicative
07 / 18
Execution-Led Advantage
Over the past 7+ years, our team has built, launched, and scaled Web3 products across global ecosystems, from early experimentation to large-scale deployment.
Hands-on operating experience across
Web3 product design, token economics, token GTM
Developer ecosystem growth and early traction activation
Liquidity bootstrapping & incentive-layer design
Cross-ecosystem expansion and multi-chain strategy
Investment and fundraising
Deep, working relationships with top L1/L2 ecosystems give us
Priority access to high-quality early-stage teams
Privileged terms across OTC and secondary markets
Distribution channels & support layers for portfolio projects
Informational only · Not an offer · Past performance not indicative
08 / 18
Distribution Network
Informational only · Not an offer · Past performance not indicative
09 / 18
Fund Structure Highlights
Compressed lifecycle, LP-aligned economics, and an execution-led operating model.
Fund Lifecycle
3-year total duration (vs. traditional 7–10 year funds)
24 months focused deployment
12 months exit & capital recycling
LP-Aligned Economics
0% management fee with a 20% carry
30-day redemptions on undeployed capital
GP funds 100% of operations (~USD 1.8M over fund life)
Liquidity & Risk Profile
Pre-launch positions: 6–12 month realization window
Post-launch positions: ~6-month recycling cadence
Active risk management with selective hedging
Execution Model
High-involvement, ecosystem-driven support
Active position management in liquid markets
Strengthen winners. Hedge intelligently.
GP alignment is delivered via the fee structure, not a fund commitment: 0% management fee and GP-funded operations mean GP compensation derives entirely from carry on realised LP gains.
Informational only · Not an offer · Past performance not indicative
10 / 18
Investment Thesis
The fund combines two structurally different return engines inside one allocation system.
Venture Select · 30%
Medium-duration asymmetric bets
Highly selective pre-launch token exposure
Investment Size: $150k–$500k | Average Ticket: $250k
Only where we have strategic proximity and ability to drive upside
Entry at FDV below $30M | Realization cycles 6–12 months
Liquid Alpha · 70%
Short-cycle, post-launch opportunities
OTC, secondaries, liquid tokens, structured credit, onchain deals
Investment Size: $100k–$500k | Average Ticket: $250k
Only where we have strategic proximity and ability to drive upside
Hedged or partially hedged where appropriate
All post-TGE, all with ~3–6-month recycling
Built to capture dislocations, liquidity rotations, and ecosystem flow
Why this architecture?
Reduces dependence on the venture J-curve
Keeps the portfolio liquid, opportunistic, and risk-controlled
Generates repeatable, cash-flow-like return cycles
Preserves upside optionality without locking entire fund for 7–10 years
Liquid Alpha is the fund's primary return engine; its systematic hedging is what supports the downside case. The hedged backtest (≈ +12–13% per turn) is drawn from a defined sample of 33 OTC deals and 117 listings — the edge comes from portfolio diversification and systematic hedging, not individual position selection.
Informational only · Not an offer · Past performance not indicative
11 / 18
Track Record
Two pre-fund deals — case evidence, not a statistical sample.
Investment 1
Venture Deal (Private Round)
Decentralized AI infra by a strong web3-native team
Engagement start
Feb 2025, Invested March 2025
Value added (Beyond Investment)
Product GTM + Token launch + MM + fundraising + tech development + Dev onboarding etc.
Effect
100% liquidity in 4 months from TGE
ROI
5x on ~50% sold (partially realised)
Investment 2
Liquid Investment OTC (active)
Top L1 project
Engagement start
June 2025, Invested Nov 2025
Value added (Beyond Investment)
Closed a major government deal reaching millions of users
Deal
50% discount 7-day TWAP; 25% release on day zero; 3-month vesting
Effect
~60% live mark (not realised)
Two pre-fund deals are presented as case evidence and do not constitute a statistical sample. Results are not indicative of future fund performance.
Informational only · Not an offer · Past performance not indicative
12 / 18
Summary of Terms
| Target Raise | USD 50 million · 2 vintages of USD 25 million each, separate pool per vintage |
| Organization | NOTALONE Ventures · BVI master / US feeder (in pre-formation) |
| Investment Period | 2-year investment period from Final Close; 1-year harvest period; one 1-year extension upon necessity |
| Capital Call | 25% of committed capital per capital call. LPs can decline and walk away with any undeployed capital. Capital call based on deployment speed upon utilization of 50% of previous drawdown. |
| Management Fee | 0% |
| Carried Interest | 20% of net profits |
| Waterfall | European — carry calculated at liquidation on net profits. 0% hurdle. Separate pools per vintage. |
| Undeployed Capital Redemption | 30-day notice |
Informational only · Not an offer · Past performance not indicative
13 / 18
Worked Example — USD 1M Commitment
A single LP, four 25% capital calls, distribution under the Medium scenario.
Capital Call Schedule
Call 1 · Final Close
25% drawn
$250,000
Call 2 · Once 50% deployed
25% drawn
$250,000
Call 3 · Once 50% deployed
25% drawn
$250,000
Call 4 · Once 50% deployed
25% drawn
$250,000
Outcome at Final Liquidation — Medium Scenario
Capital deployed
$1,000,000
across 4 calls
Gross return on net profits
2.10x
European waterfall · 0% hurdle
LP net distribution
$1,880,000
After 20% carry on $1.1M net profit
Illustrative arithmetic at the Medium scenario; not a guarantee or forecast. LP eligibility, capital-call mechanics and waterfall terms govern actual outcomes — see Summary of Terms.
Informational only · Not an offer · Past performance not indicative
14 / 18
Eligibility & Subscription
How to participate, and the investor profile we serve.
Subscription
Minimum commitment: USD 500,000
Currency: USD & major stablecoins (USDC, USDT)
Capital calls: 25% per call (see Summary of Terms)
Undeployed redemption: 30-day notice
Investor Profile
US investors: Accredited Investors and Qualified Purchasers
Non-US investors: Professional / sophisticated investors per local rules
Entry vehicle: US LPs via US feeder; non-US LPs via BVI master [final routing pending counsel]
Tax Treatment
US LPs receive a K-1 via the US feeder. Non-US LPs subscribe via the BVI master; PFIC / UBTI considerations apply by domicile. LPs should consult their own tax advisor on personal circumstances.
Informational only · Not an offer · Past performance not indicative
15 / 18
Formation Status
Items that complete before the first enforceable capital call.
Legal & Vehicle
[ ]Fund entity · BVI master and US feeder formation
[ ]Counsel · onshore & offshore engagement
[ ]Subscription docs · LPA, side letters, KYC pack
Operating
[ ]Bank account · operating and capital call accounts
[ ]Custodian · institutional digital-asset custody
Service Providers
[ ]Administrator · NAV, capital calls, LP reporting
[ ]Auditor · annual audit and tax filings
[ ]Compliance & AML · KYC/AML provider engagement
Reporting
[ ]LP dashboard · positions, NAV, capital activity
[ ]Semi-annual reporting cadence to LPs
Each item completes prior to the first enforceable capital call. The full data room contains current provider shortlists and engagement letters where signed.
Informational only · Not an offer · Past performance not indicative
16 / 18
Who We Are
Meet the Team
We're a collective of investors, builders, and creators shaping the future of crypto adoption — backing bold ideas and shipping products that move culture and markets.
Ankit Raj
General Partner
Scaled developer ecosystems at Core DAO and Rise In across APAC and the Middle East.
Over a decade of experience in product and growth leadership.
Over a decade of experience in product and growth leadership.
Shashi Shekhar
Managing Partner
Ex-Head of Global Adoption at DFINITY Foundation and former Strategy Director at NEAR Protocol.
Leading initiatives that bridged innovation, developer communities, and real-world adoption.
Leading initiatives that bridged innovation, developer communities, and real-world adoption.
Informational only · Not an offer · Past performance not indicative
17 / 18
To continue the conversation
Contact
invest@notalone.vc
Informational only · Not an offer · Past performance not indicative
18 / 18