HOW WE INVEST

How we invest.

Carbyne makes primary allocations in exceptional private companies, on terms negotiated with the company. Each position becomes its own vehicle, and every one is held to the same bar.

Primary allocations

What it is

Direct allocations in new rounds of exceptional private companies, on terms negotiated with the company. This is where our work starts: a primary allocation comes with a direct relationship with the company and the standing that follows. We take one when the allocation is firm, the entry is fair, and the company wants the capital we bring.

A typical situation

A capacity-constrained round where the lead is set and remaining allocation is being placed privately among known, clean counterparties.

What Carbyne does

Convert relationships into firm, papered allocations; underwrite the round on its own terms; consolidate our investors into one entity on the cap table.

Our standard — A marquee lead is one input to the underwriting, honestly attributed, alongside our own view of the price.

Secondary transfers

We read secondary pricing as a market signal and work through transfers when a company approves them.

WHY DEDICATED VEHICLES

Built for the size of these rounds.

Many of the largest private rounds in this buildout exceed what any single fund holds on its own balance sheet. Lead investors and companies fill the difference with dedicated vehicles, one company per vehicle. Carbyne is built for that work: we source allocations alongside lead investors, underwrite each company on its own terms, and run each vehicle from close through exit with clear reporting.

The sectors are where we look. The bar is what we buy: companies validated by leading investors, in capacity-constrained situations, that survive our underwriting. Most of what we see fails the bar.

HOW A TRANSACTION MOVES

Source. Underwrite. Structure. Execute.

Source

Direct relationships with companies, management, and holders.

Underwrite

Fact separated from claim; price set on fundamentals and terms, with the last round as one reference; open items flagged in writing.

Structure

A clean single-asset vehicle, papered rights, disclosed economics.

Execute

We commit only to what we can fund, then report on the cadence we set.

The thesis

Why the AI buildout is one supply chain, and where scarcity forms along it.

Read the thesis →

For companies & lead investors

How Carbyne works as a shareholder, and how we come into a round.

Companies & lead investors →