Fund Performance Summary
Fund II deployed $18.2M across 4 new investments in Q2, bringing total deployed capital to $64.8M (72% of committed). Current portfolio gross TVPI stands at 1.8x with net IRR of 24.3%, up from 21.7% last quarter. The fund holds $25.2M in reserves, representing 28% of committed capital, positioned for follow-on participation in breakout portfolio companies. Realized distributions to date total $12.4M from two partial exits.
Portfolio Highlights
- DataLoom closed a $32M Series B at 4.2x step-up from our entry, with net revenue retention exceeding 140% and ARR crossing $18M.
- NovaCast achieved SOC 2 Type II certification and onboarded 3 enterprise logos, driving Q2 revenue up 28% QoQ to $4.1M ARR.
- GridPoint AI secured a $6M strategic partnership with a major utility provider, validating core technology and de-risking commercialization.
- SynthBio Labs received FDA breakthrough device designation, accelerating their regulatory timeline by an estimated 9 months.
Risk Commentary
- Vaultik runway has compressed to 4.2 months at current burn. Management is in active discussions for a $10M bridge round; we are monitoring weekly and have offered term-sheet support.
- AeroLedger debt-service coverage ratio fell below covenant threshold (1.2x) this quarter due to delayed contract payments. Lender waiver in progress; exposure limited to $2.8M.
- Macro headwinds in enterprise SaaS: two portfolio companies report elongated sales cycles (avg. 18% longer QoQ), though pipeline volumes remain stable.