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Level Ventures
74 posts
Level Ventures
@LevelVC
The capital partner to outlier managers and entrepreneurs.
New York, NY شامل ہوئے Mayıs 2011
48 فالونگ529 فالوورز
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(Level Post) Mega Funds at Seed: Existential Risk or Smart Beta Opportunity?
"A friend and peer of ours, @Beezer232 from Sapphire Partners, published an interesting post discussing the dynamics of the early-stage Seed and Series A ecosystem.
This was following some discussion in the industry as to whether 'VC is broken'—pessimists arguing that the bifurcation in fund sizes and the concentration of capital into very few mega funds was boxing out the longer tail of firms and driving more consensus across investments. A related concern specific to seed investors is the dominance of mega funds in seed stages.
To validate this study, we analyzed our own data to confirm the figures (we ingest and normalize terabytes of data across many private market sources)."
levelvc.com/mega-funds-at-…
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Congratulations to Jordan Wan on the launch of
@CoFoundPartners II. Time and again, founders describe Jordan the same way: “transformational.” His combination of GTM mastery, recruiting intuition, and strategic clarity is rare. Grateful to be a partner and co-anchor -- and to call him a friend.
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(Level Post) This is Not Your Mother's Alpha
"Alpha erodes over time. Since markets are complex and far from equilibrium, new sources of alpha constantly emerge and are arbitraged away.
Of course, alpha is a measure of the excess return of an investor relative to a benchmark
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Very excited to be backing @tnachen yet again! Amazing to see how @EssenceVenture has continued to evolve since we met way back during the launch of your $1m fund 1. The brand has grown, but your trademark positive energy has remained constant. Congrats "sir" ;)
Timothy Chen@tnachen
Really excited to launch our fund 4! techcrunch.com/2025/09/23/tim…
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(New Level Post) Capitalism and Semiotics
"In a world where capital markets can be abstracted away from material reality for long periods of time, it is better to be pre-narrative than non-consensus (or rather, to be a narrative maker than taker)."
levelvc.com/capitalism-and…
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"The highest form of alpha is being first to the new consensus. And benefit from the follow-on flows, as capital flows drive almost all returns. We call this Criticality Investing."
Interesting take from Albert @LevelVC on the latest @ThePeelPod
The Peel@ThePeelPod
I asked Albert at @LevelVC why consensus investing has the most alpha: "At the end of the day, you need to be where capital is going. Capital flows drive everything. You want to position yourself in front of where capital flows are going. And you want to do it in a way where you get paid for the risk. You can't pay prices that are too high. You really want to be first to the new consensus. And benefit from the follow-on flows. This is the highest form of alpha. We call this Criticality Investing. One way to think about it, new startups need to solve problems. And there are problems that are not yet in the capital rotation. But they're going to be. Another way to think about it, there's the first-order effects, like the AI platforms. Then there's the second order, where if something is true, you think about the next thing (this might be MCP severs). And then there's a third order after that. And you want to figure out where the consensus will be in the second and third orders before everyone else. So I'm not saying you just want to be non-consensus. That alone doesn't make much sense. Especially as capital is concentrating more and more in the winners. What matters most is positioning yourself to where capital will be flowing."
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Albert and @jbkupperman from @LevelVC were our first new Fund II anchor. They are extremely smart, data-driven, high conviction LPs with top tier backers of their own. They’ve been amazing partners alongside our other awesome LPs.
This @TurnerNovak interview is a great listen!
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1/
We started as underdogs.
Today, we’re scaling a unicorn.
Thrilled to share that @EnvedaBio has raised a $150M Series D, bringing our total funding to over $500M.
Led by the incredible team at @PremjiInvest and joined by both new and returning believers.
🧵
Enveda@lifeschemistry
How we built a unicorn from seed in 5 years… There are no secrets, but purpose, pace, and an incredible team certainly help. “We’re combining ancient ancestral wisdom with the power of nature’s chemistry with modern AI and drug discovery,” Colluru said. “We’re standing on the shoulders of maybe the giant, which is Mother Nature.” Read more by @damiangarde in @business about how we raised our Series D, advanced our lead candidate in atopic dermatitis to Phase 1b, and brought on a pharma legend Mikael Dolsten as we prepare to enter more programs in the clinic this year... and stay tuned for more. #Unicorn #Startups #AI #DrugDiscovery #Nature
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Episode #108: How to Generate Alpha in Venture
Albert Azout started and runs Level Ventures, a data-driven Fund of Funds backing emerging managers.
Venture investing is hard, and this conversation covers all their research unpacking exactly how to generate alpha. We also talk about how Level picks and backs emerging venture managers to invest in, and Albert demoes the custom software they’ve built internally to do so.
Thank you to @tryramp and @hanoverpark for supporting this episode. And to @jbkupperman, @sashakaletsky, @nathanbenaich, @robby_mtf, and @davefontenot for helping brainstorm topics!
Full episode here on X, or grab a link in the replies.
Timestamps:
5:01 Top 3 forms of alpha in VC
10:11 Other ways to generate alpha
12:47 Avoiding false positives
17:11 Optimal fund size and portfolio construction
22:25 The role of Luck
23:55 Spin-out vs outsider funds
25:43 Level’s backchannel reference process
29:29 Finding alpha in Criticality Investing
34:45 Why capital flows drive all returns
43:53 Early, consensus investing has the most alpha
48:46 Networks are more persistent than performance
52:03 The strongest and weakest networks
58:41 Demo of Level’s internal software
1:04:48 Building a Fund of Funds around their data
1:10:01 Ideal LP GP relationship
1:12:39 Benchmarks are relative
1:15:39 VC funds using AI
1:17:43 How venture will change in the next 10 years
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New @ThePeelPod just dropped with Albert at @LevelVC
We unpack alpha in venture, why capital flows drive returns, why the optimal form of alpha is being first to the new consensus, dissecting networks and how they change, and how Level picks new emerging VCs to back
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RT @jbkupperman: Grateful to be the anchor investor in @Creator_Venture II. In a world full of recycled narratives and tired platitudes, @…
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Our Managing Partner Albert Azout joined @SuperclustersLP and @cupazhou for a conversation discussing networks and more
youtube.com/watch?v=c8PI3c…
YouTube
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(New Level Post) Criticality Investing
What makes investing both exciting and challenging is that the seeds of change, and thus the potential of outsized returns, already exist, but often remain latent and imperceivable to all but a few.
levelvc.com/criticality-in…
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RT @jbkupperman: We @LevelVC are very grateful to be supporters of @immad and @y4sh as they back the next wave of incredible founders
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Space superiority is a top priority for the U.S. and its allies. True Anomaly is answering the call.
Today we’re thrilled to announce the close of our $260M fundraise, unlocking our next phase of growth and accelerating product development and implementation.
Read more here:
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