Stealth Fund I · 2026 Vintage

Invest in the studio.

Stealth Fund I capitalizes the next 8–12 companies coming out of the Stealth Method. Single-vehicle access to the studio's deal flow, infrastructure, and compounding network effects. Closing on a rolling basis through 2026.

Now accepting commitments from qualified institutional LPs and family offices
$25M
Target Fund Size
8–12
Portfolio Companies
35%+
Target Net IRR
10yr
Fund Term
$500K
Minimum LP Commitment
Why this fund

You're not buying a portfolio. You're buying access to the system.

Most early-stage funds put $25M into 12 companies and hope. Stealth Fund I puts $25M into 8–12 companies that come out of a documented, instrumented studio — companies that share talent, capital, customers, and infrastructure with the rest of the portfolio.

01

Pre-de-risked deal flow

Every company funded by Stealth Fund I has already cleared validation gates inside the studio. We've killed the bad ideas before you write the check.

02

Lower failure rate

Stealth's portfolio has produced 18 companies in 8 years. None have shuttered. Cross-portfolio leverage is the reason — and Fund I LPs inherit it.

03

Higher capital efficiency

Studio infrastructure (Forkaia talent, shared brand, legal, ops) means each Fund I company reaches the same milestones for 30–40% less deployed capital.

04

Strategic optionality

LPs get first look at every Stealth follow-on round, plus co-invest rights on outsized opportunities. The Fund is the door — the studio is the network behind it.

05

Audited transparency

Quarterly LP reports, audited annually. Per-company financial data rooms accessible to committed LPs. No black-box NAV games.

06

Aligned economics

Stealth GPs invest 5% of Fund I personally — meaningful skin in the game beyond carry. Our compensation is back-loaded to outcomes, not management fees.

Fund structure

The terms, in plain language.

Fund vehicle
Delaware LP · Stealth Fund I, L.P.
Target raise
$25MHard cap at $35M
GP commitment
5% (Stealth principals)Co-invested alongside LPs at every drawdown
Management fee
2% annually on committed capitalYears 1–4. Stepped down 1.5% / 1% / 0.5% in subsequent years.
Carried interest
20% over 8% hurdleEuropean waterfall · LPs get back capital + 8% before GP earns carry
Investment period
3 yearsInitial deployment + follow-on reserves
Fund term
10 years with 2 × 1-year extensionsAt GP discretion with majority LP approval
Minimum commitment
$500K$250K minimum for individuals with qualified-purchaser status
Closings
Rolling through Q4 2026Final close target: December 31, 2026
Capital call cadence
Quarterly, 10-day noticeEstimated 25% / 25% / 30% / 20% across investment period
Capital deployment

Where the $25M goes.

Designed to maximize portfolio dispersion while reserving enough dry powder for the breakouts.

60%
Initial deployments

$15M into 8–12 new companies

Average initial check size $1.2M–$1.8M per company, deployed over Years 1–3 alongside the Stealth Method's incubation cadence.

30%
Follow-on reserves

$7.5M for breakout doublings

Reserved capital for follow-on rounds in our highest-performing portfolio companies. Deployed selectively at Series A and Series B.

8%
Management fee

$2M over 10 years

Standard 2% management fee through Year 4, declining thereafter. Used to fund GP operations, audit costs, and LP reporting.

2%
Fund expenses

$500K operating reserve

Legal, accounting, audit, K-1 preparation, fund admin, and other vehicle costs over the 10-year fund life.

Modeled outcomes

What "good" looks like.

Modeled scenarios based on Stealth's 8-year operating history and comparable studio fund benchmarks. Past performance is not a guarantee of future results. (You knew that.)

Scenario
Gross MOIC
Net IRR
LP Net Multiple
Downside2 of 10 breakouts, 4 modest, 4 zeros
2.2x
12–15%
1.7x
Base case3 of 10 breakouts, 5 modest, 2 zeros
4.5x
32–38%
3.4x
Upside5 of 10 breakouts, 4 modest, 1 zero
7.8x
55–62%
5.9x

"Breakout" defined as a Stealth company that reaches Series A+ valuation of $100M or higher within 5 years of incubation. Stealth's 8-year hit rate has produced a breakout in approximately 1 of every 4 incubations.

Fund timeline

The next ten years.

2026Year 01

First close + first deployments

Initial close Q3 2026 with $10M+ committed. Final close by Q4 2026. First 3–4 portfolio companies funded by Q1 2027.

2027–28Years 02–03

Active investment period

Remaining 4–8 portfolio companies funded. Quarterly LP reports begin. First annual audit Q1 2027. Annual letter Vol II distributed.

2029–31Years 04–06

Follow-on + first DPI

Follow-on reserves deployed into breakout companies. First distributions to LPs from M&A or secondary sales of mature portfolio positions.

2032–34Years 07–09

Harvest period

Most portfolio companies reach exit readiness. Major distributions to LPs. Final follow-on capital deployed where applicable.

2035–36Years 10–11

Wind-down

Final liquidations of remaining holdings. Fund wind-down. K-1s issued, residual distributions paid. Fund II opens.

Who this fund is for

The right LP profile.

Stealth Fund I is a concentrated, illiquid, 10-year commitment. Suited to LPs who view venture as a long-term asset class and want differentiated access to studio-style deal flow.

Min $2M

Institutional / FOFs

Funds of funds and institutional allocators seeking studio exposure beyond traditional early-stage venture. Tier-1 LP reporting, audited financials, K-1 timeliness.

Min $1M

Family offices

Single-family and multi-family offices looking for direct exposure to a studio system with cross-portfolio synergies — particularly those with existing positions in adjacent operating businesses.

Min $500K

Strategic operators

Operating executives and founders looking to LP in an asset class they understand — alongside others who built companies in the same way.

Min $250K

Qualified individuals

Qualified purchaser individuals (typically $5M+ investable assets) who want venture exposure through a curated studio rather than picking individual angel deals.

Frequently asked

Questions LPs ask first.

How is Stealth Fund I different from a regular seed fund?

A regular seed fund finds founders, writes checks, and waits. Stealth Fund I deploys exclusively into companies that come out of the Stealth studio system — companies we co-founded, that share talent and infrastructure with the rest of our 18-company portfolio. The capital efficiency, founder vetting, and downside protection are structurally different from cold-pitched seed deals.

What happens to the studio if Fund I underperforms?

Fund I is a single 10-year vehicle. The Stealth studio is permanent — it has operated for 8 years before this fund, will operate after this fund, and runs across many vehicles over time. Fund I underperforming would not jeopardize the studio's operations. That said, our GP commitment (5%) means we have meaningful personal capital at risk.

Can I co-invest in specific companies?

Yes. LPs who commit $1M or more receive co-invest rights on any company in the Fund I portfolio that raises an outside-led round. Co-invest is offered pro-rata to commitment size and is at the underlying company's then-current round valuation.

How are companies selected?

Companies for Fund I are sourced exclusively from the Stealth incubation pipeline. Each must clear the Method's validation gates (3+ signed LOIs, MVP shipped, paying customer signal). The Fund's investment committee — Ali Sina plus 2 external advisors — votes on each deployment with veto rights.

What about geographic and sector concentration?

Fund I will be US-focused with potential strategic positions in Canada and the UK. Sector dispersion across AI/ML infrastructure, climate, vertical SaaS, healthcare, fintech, and consumer brand. No single sector will exceed 35% of fund deployment.

What's the liquidity story?

None during the 10-year fund life. This is illiquid venture exposure. Distributions begin in approximately Year 5 when first M&A or secondary events occur. Anyone needing liquidity inside a decade should not invest in this fund.

What about Stealth's other vehicles (Round Z)?

Round Z is Stealth's in-house initial capital arm — it deploys studio capital before companies are ready for outside investment. Fund I is the first vehicle that opens this deal flow to outside LPs. Round Z and Fund I co-invest on a pari-passu basis where both vehicles participate in a company.

How do I access the data room?

The full data room — fund agreement, side letter templates, audited Stealth financials, per-company historical data, LP reports, and audit opinions — is available under NDA to qualified LPs upon initial mutual interest. Request access through the form below.

Important risk disclosure

This page does not constitute an offer to sell or a solicitation of an offer to buy any security. Any offering will be made only by means of confidential offering documents to qualified institutional investors and accredited investors. Past performance of Stealth's existing portfolio is not indicative of future results of Stealth Fund I or any related vehicle. Investments in private funds involve substantial risk, including the possible loss of principal. Investments are illiquid, with no public trading market expected during the fund term. Modeled return scenarios are illustrative and not guaranteed. Prospective investors should review the full offering documents and consult with their legal, tax, and financial advisors before making any investment decision.

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A short form. We respond within 3 business days with the offering documents, full audited financials, and a 30-minute intro call.

Stealth Fund I · LP Inquiry

For institutional allocators, family offices, and qualified individuals. Initial inquiries are confidential. We do not add anyone to mailing lists without explicit consent.

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