ESTD 2015
BOULDER, CO
We’re relentlessly focused on one thing: investing in and supporting the best companies and funds in the world.
Blackletter invests in and supports exceptional companies and funds globally. Our focus is singular: identifying and partnering with the small handful of companies that define each generation, backing them at the earliest stages when ideas remain far from consensus, and maintaining these partnerships across decades.
Our mandate is open and our approach is comprehensive—long-term, multi-stage, and global. We operate across the full stack of private markets, deploying capital directly while supplementing this focus through fund investments, secondary transactions, general partnership acquisitions, and emerging market opportunities. Historical positions in crypto mining infrastructure (inlcuding Bison Trails) and private credit (Dave, Empower, and Goldfinch) exemplify our commitment to identifying inflection points ahead of broader market recognition.
We provide patient, risk-on capital for building what's next.
Blackletter operates across six investment themes, from early-stage venture capital to frontier markets including crypto and private credit. These themes provide structure to our absolute-return mandate while maintaining flexibility to pursue opportunities across asset classes.
1
Venture capital
We back founders building transformative companies with investments ranging from $50,000 to $1,000,000. Our portfolio demonstrates concentrated exposure to Seed and Series A opportunities, representing 97% of total investments. As generalist investors, we maintain particular expertise in financial infrastructure, AI infrastructure, comprehensive solutions to complex problems, and frontier technologies.
2
Family of funds
In 2019, we established Ligature: The Design VC tto expand our impact in early-stage markets. Ligature combines deep expertise in fintech and frontier technologies with hands-on design support for portfolio companies. The fund has deployed more than $10 million and achieved top-decile returns annually since inception.
3
New frontiers
Our strongest returns have consistently emerged from markets ahead of consensus. In 2015, we initiated private credit investments, establishing early positions in Empower, Dave, PayJoy, and Aspire. Beginning in 2018, we began acquiring Bitcoin, participated in early token offerings including Filecoin, backed infrastructure teams such as Quantstamp, and developed our own proprietary mining operations. These operations scaled to a multi-million dollar mining campus powered by pre-negotiated renewable energy agreements in partnership with Bison Trail (now a part of Coinbase).
4
Limited partnership interests
We invest alongside exceptional fund managers through limited partnership positions, typically via sidecar vehicles designed for value-added investors. Current LP commitments include NfX, Weekend Fund, Not Boring, Supercharge.vc, Designer Fund, and GEM Realty.
5
General partnership interests
We acquire passive minority stakes in world-class general partnerships seeking liquidity and long-term alignment. Our experience as GPs provides depth in fund strategy, due diligence, portfolio construction, capital formation, and investment operations. To date, we have acquired positions in Polychain and Designer Fund (Fund I and II).
6
Secondary markets
Our mandate extends to secondary market transactions, focused on acquiring private shares and LP positions. We complete diligence in days, deliver firm offers promptly, and execute transactions without revision. Our objective is to serve as the preferred counterparty for early-stage investors and limited partners requiring liquidity.
A small number of companies and investors define each generation. Our mission is to identify and partner with these intensely focused teams for decades.
COMPANIES
Blackletter operates from a permanent capital base, differentiating our structure from the vast majority of institutional investors. This enables long-term orientation, high conviction, and patient deployment unconstrained by fund lifecycles.
The quality of capital derives from its source. Traditional fund structures impose inherent short-term pressure through contractual obligations, liquidity requirements, and governance complexity. Our capital operates without these constraints. We maintain the flexibility to move decisively, invest across asset classes, and honor commitments without external approval processes.
This structural advantage translates directly to performance. Time is not merely our ally—it is fundamental to our investment approach.