Active Management for Venture
Intro
We are in the middle of a venture supercycle. However big it looks, the smartest insiders believe it is bigger.
“The events of the last six months in technology are arguably among the most important in human history… We are likely in very early lift-off — largely unnoticed outside of tech.” — Elad Gil, May 2026
Yes, entry valuations feel rich. Yes, exit liquidity is almost absent. But… a handful of private companies will create an incredible amount of value, so sitting out is not an option.
Fortunately, the Growth stage — companies in the $1-5B valuation range — solves for both. It has the best risk-adjusted returns, with venture-like 5-10x returns and operating history to underwrite on fundamentals. And for the first time in private market history, the portfolio can be steered to generate 1x DPI within 2-3 years.
At Underline, we call this active venture.
| PICK THE COMPANY. | WIN THE DEAL. | MANAGE THE POSITION. |
| Deep research on targets | Win primary access | * Continuous underwriting |
| Customer, investor backchannels | * More entry points via secondaries | * Double down, rebalance, trim |
* Only with Active Venture
Track Record
We have already lived and breathed this strategy for a decade. We’ve made hundreds of (personal + fund) investments in venture with a 98th+ percentile IRR. Along the way, we’ve practiced Active Venture: generating DPI without sacrificing venture-like upside.
And we can scale this capability thanks to our experience building the largest secondary desks at Forge and Hiive, where we facilitated 2,000+ transactions and $8B+ in volume.
There are thousands of growth investors who have elite picking ability. There are hundreds of intermediaries who have elite execution & structuring expertise. There are vanishingly few people who have both.
Approach
Team
Hari Raghavan
Investments · Research
2× founder. Founding team & COO at Forge (~$1B in transactions). 300+ private investments across every stage from pre-seed to pre-IPO.
Clara Vydyanath
Market Pulse · Execution
Oversaw $7B+ in late-stage volume. Built the operational rails behind Forge and Hiive. Ex-banker at JPM and Credit Suisse.
Pratik Sharma
Investor Relations
MD at firms spanning sectors from real estate to international, with $3B+ in AUM (Bridge Tower, Atyant Capital).