Focused Funds — Stage-Based
Stage-Based Funds
01 — Overview
Focused on a stage, diversified within it
Each Stage-Based Fund is a portfolio of roughly 25 companies concentrated at a specific stage, such as Seed. Within that stage, the portfolio is still diversified by sector and lead investor, and deal flow draws from AV’s full sourcing engine.
Stage-Based Funds let you calibrate your risk and return profile — whether that’s the earlier, higher-variance end of venture or a more selectively curated slate.
These funds pair well with a broad core holding, giving you a way to intentionally tilt your overall AV portfolio toward the stage exposure you want.
| Stage | Funding Round | What It Means |
|---|---|---|
| Highest Risk / Highest Potential Upside | Pre-Seed & Seed | The earliest institutional capital a company raises, often before there's a finished product or meaningful revenue. Valuations are lowest here, and so is the ownership price — but most companies at this stage don't make it to the next round. |
| Early Growth | Series A | The company has found early signs of product-market fit and is raising capital to build out the team and prove the business model can scale. Risk is still high, but there's real evidence to underwrite, not just a pitch. |
| Scaling | Series B & Growth | The business model is working and the company is raising capital to scale distribution, expand into new markets, or grow headcount quickly. Fewer companies reach this stage, and the survivors have a longer track record behind them. |
| Lowest Risk / Most Mature | Late-Stage Private | Established, revenue-generating companies raising capital ahead of an eventual IPO or acquisition. Valuations are highest and growth is typically more moderate — the trade-off for a company that has already proven itself. |
02 — Available Funds
Explore Stage-Based Funds
Two stage-focused portfolios are currently available. Links below are placeholders pending final fund pages.
Seed Fund
Very early-stage investments
A portfolio concentrated in early-stage, Seed-round companies, diversified by sector and lead investor.
CIO Select Fund
Follow-on investments in existing AV portcos
A more selective, professionally curated portfolio reflecting AV’s Chief Investment Officer’s highest-conviction picks.
Choose your stage exposure
See how Seed and CIO Select fit into a broader, diversified AV portfolio.