01
Bespoke Advisory
Portfolios
We work in close partnership with institutional investors to construct venture capital portfolios built for durability and long-term performance. Through a disciplined blend of selective fund commitments and direct investments, we design strategies that align precisely with each client’s ambitions and parameters. Our approach is inherently bespoke, grounded in rigor, access, and true alignment of interests.
Example of
Target Allocation :
Stage
Target Performance
IRR
20%
02
Funds of
Funds
Our Funds of Funds programs unlock access to curated Venture Capital strategies with dedicated exposure to growth-stage, blockchain, and seed-stage specialist managers globally. We invest in exceptional managers, whose funds are typically closed to most investors. Every fund is carefully engineered for long-term performance and portfolio resilience.
Our next program will soon be launched. It will give investors access to leading growth-stage managers worldwide, centered on a new strategy capturing the transformative themes of the Fourth Industrial Revolution.
Funds of Funds
Overview :
Reference Seed Fund I
(2021 Vintage)
Performance as of Q3 2025
MOIC
1.47x
TVPI
1.32x
DPI
0.20x
Reference Seed Fund II
(2023 Vintage)
Performance as of Q3 2025
MOIC
1.26x
TVPI
1.03x
DPI
0.00x
Blockchain Fund I
(2022 Vintage)
Performance as of Q3 2025
MOIC
1.90x
TVPI
1.65x
DPI
0.00x
Blockchain Fund II
(2025 Vintage)
Performance as of Q3 2025
MOIC
2.18x
TVPI
1.57x
DPI
0.00x
03
Direct
Co-investments
Leveraging long-standing GP partnerships, a proprietary platform, and our Reference Research Lab, we continuously monitor a curated database of venture-backed companies. This disciplined process enables us to identify and access high-quality often oversubscribed direct investment opportunities for our clients.
T3 Pharmaceuticals
T3 Pharma is a biotechnology company developing novel cancer therapies using engineered bacteria to deliver therapeutic agents directly into tumors. The approach seeks to improve oncology precision while reducing systemic toxicity through localized, intratumoral activation. The company was acquired by Boehringer Ingelheim, a global biopharmaceutical leader, to expand its immuno-oncology portfolio with differentiated next-generation treatment modalities.
Date of initial investment: Sep-19
Date of exit: Nov-23
www.t3pharma.com
DuPont Sustainable Solutions (now DSS+)
DuPont Sustainable Solutions (DSS+) is a global operations management and sustainability consulting firm that helps businesses enhance safety, efficiency, and environmental responsibility, building on DuPont’s legacy of industrial excellence.
Date of initial investment: Sep-19
Date of exit: Feb-23
www.consultdss.com
Monzo
Monzo is a digital banking platform offering mobile-first current accounts, payments, and financial management tools to millions of UK customers. The company focuses on transparent, user-centric services that help individuals budget, save, and spend more effectively through real-time notifications and intuitive product design.
Date of initial investment: Jun-20
Date of exit: -
www.monzo.com
Mainstreet
Mainstreet is a fintech company that assists businesses in identifying, claiming, and financing tax credits and government incentives. Its software simplifies complex compliance processes, enabling startups and SMEs to access non-dilutive capital and extend financial runway. The business was acquired by Employer.com to integrate incentives intelligence into a broader HR platform aimed at lowering employment costs and supporting efficient hiring at scale.
Date of initial investment: Feb-21
Date of exit: Jun-25
www.mainstreet.com
All Day Kitchens
All Day Kitchens operates a technology-enabled network of shared and delivery-only kitchen infrastructure for restaurant brands. The firm helps food operators expand into new neighborhoods efficiently, improving customer reach and unit economics without traditional brick-and-mortar buildout.
Date of initial investment: Sep-21
Date of exit: -
www.alldaykitchens.com
Wayve
Wayve is an autonomous driving company building next-generation vehicle intelligence based on embodied AI and end-to-end machine learning. The company partners with global automotive manufacturers to create scalable self-driving systems that learn from real-world data and adapt to complex urban environments.
Date of initial investment: Feb-22
Date of exit: -
www.wayve.ai
Brightseed
Brightseed uses artificial intelligence to discover plant-based bioactive compounds that support human health and nutrition. Its discovery platform enables consumer and agricultural partners to develop healthier, science-validated ingredients and functional food products.
Date of initial investment: Apr-22
Date of exit: -
www.brightseedbio.com
Ready
Formerly Argent
Argent provides secure, user-friendly wallets for accessing blockchain and decentralized finance applications. The platform aims to make digital asset ownership simple for mainstream consumers while maintaining institutional-grade security, recovery, and fraud protection.
Date of initial investment: Jun-22
Date of exit: -
www.ready.co
X1Card
X1 Card delivers a modern credit card experience built around income-based underwriting, real-time insight, and smart rewards for highly qualified consumers. The product reimagines limits and spending management for digitally native users. The company was acquired by Robinhood Markets to accelerate Robinhood’s expansion into everyday financial services spanning credit, payments, and customer engagement beyond core investing.
Date of initial investment: Oct-22
Date of exit: Jun-23
Aerodome
Aerodome provides drone-as-first-responder solutions for public safety agencies, enabling rapid aerial awareness during emergencies through integrated hardware and aviation operations. The platform helps police and fire departments reduce response times and improve situational decision making.
Date of initial investment: Feb-24
Date of exit: Oct-24
www.aerodome.com
Bright Machines
Bright Machines is an industrial automation company delivering software-driven robotics and modular micro-factory solutions for electronics manufacturing. The firm helps global producers increase flexibility, quality, and supply-chain resilience through intelligent vision systems and digital-first factory control.
Date of initial investment: Jun-24
Date of exit: -
www.brightmachines.com
UDX Secondary
Universal Diagnostics (UDX) develops blood tests that detect cancer in its earliest stages so as to transform cancer into a disease that’s preventable and curable. Starting from a deep knowledge of the disease, UDX has built a technological platform able to “read” the signal of cancer in blood.
Date of initial investment: Sep-24
Date of exit: -
www.universaldx.com
Laminar
Formerly H2OK Innovations
H2Ok develops sustainable water management and treatment technologies designed to reduce waste and energy consumption. The company works with municipal and industrial partners to improve reliability and environmental footprint across critical water infrastructure.
Date of initial investment: Jan-25
Date of exit: -
www.runlaminar.com
Genesis AI
Genesis AI creates enterprise applications that automate knowledge work and decision processes using responsible AI agents. The platform helps businesses increase productivity while maintaining governance, security, and model transparency.
Date of initial investment: Apr-25
Date of exit: -
www.genesis-ai.company
Ursa Major
Ursa Major designs high-performance rocket propulsion systems for commercial launch and national security customers. The firm focuses on reliable, domestically produced engines that lower mission cost and expand resilient access to orbit.
Date of initial investment: Jun-25
Date of exit: -
www.ursamajor.com
Blackroll
Blackroll is a consumer health company offering premium recovery, mobility, and physiotherapy products used by athletes worldwide. The firm promotes injury prevention and everyday wellbeing through durable equipment and education partnerships.
Date of initial investment: Nov-25
Date of exit: -
www.blackroll.com
TwoStep
TwoStep develops digital identity and authentication tools that enhance security for online services. Its technology protects consumers and enterprises from fraud while keeping access experiences smooth and compliant.
Date of initial investment: Nov-25
Date of exit: -
www.twosteptx.com
Since 2019
Reference Capital has achieved top-decile performance across 17 direct investments. This confirms the success of our approach.
Direct
Co-investments
as of Q4 2025 (out of 4 exits)
44.3%
IRR
4.1X
DPI
Top quartile
performance
as of Q2 2025
1.8X
TVPI
17.2%
IRR
0.2X
DPI