Research-driven growth investing
However big this cycle looks, insiders believe it is bigger ¹ — and its returns are increasingly accruing in private ². There is no sitting this out.
"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
In the current AI-aided supercycle, we believe the alpha sits in the growth stage ³. The equal-weight index of every growth round (valuation $1B-25B) in the last 3 years would be at 1.6× MOIC & 36% IRR. But... there is no such index. The only way to earn access — and even beat the index — is by building conviction on a subset, and then tracking them down.
Fortunately, over the last decade+ in private markets, we learned to identify before the consensus formed, resolved to commit to "consensus" only when it's more compelling than everyone thinks, and built the judgment ⁴ to tell the difference. With a prepared mind, the delta between a great company and a good one feel clearer each time.
85%+ IRR over the last 3
years.
49% IRR over lifetime
(since 2018).
1.5× MOIC | 1.3× DPI on
prior (2018-22) cohorts.
That's half the battle; the other half is getting in. The best opportunities are not offered — they are sought. And we know how to find them ⁵.
Networked investing — 200+ portfolio companies and 30+ LP checks: hundreds of close founder relationships built over a decade-plus, and dozens of close GP relationships (hundreds more informal ones).
Secondaries — 2,000+ deals and $8B+ in volume, from building the largest desks at Forge and Hiive. We know how to source — and tell apart — off-market blocks.
We designed Underline to follow two rules ⁶: optimize for upside, not upfront; and operate like it's 2026.
I. Upside, not upfront — the fund anchors every SPV; every fund LPs get zero management fees + modest carry on SPVs; we work collaboratively with an investment network, co-GPing with emerging managers;
II. Operate like it's 2026 — a breakout engine that spawns an army of AI Research Analysts, to reason through dozens of factors: market dynamics, customer love, margins, talent moves to distill 3 must-believes; and we build like founders (we spent 50B+ tokens building products in the last six months).
In the one market you can't index, it comes down to judgment and access. Underline embodies both.
