30–40% discount captured
A diversified, accredited-only fund into ~40–50 late-stage US technology leaders - selected from the manager’s underwriting universe of ~100 names, with entry captured at a discount through employee-option financing.
Through employee-option financing, Fuel Venture Capital’s affiliated funds have captured entry prices below the two reference points the market uses to price late-stage private equity; the Fund seeks to capture similar - a structural discount, set at the point of entry.
These ranges reflect discounts Fuel Venture Capital’s affiliated funds captured on past employee-option-financing trades; the Fund seeks to capture similar. Past transactions, not a guarantee of future pricing. A discount at entry does not protect against principal loss if portfolio-company valuations decline before exit, and these discounts are not comparable to public-market valuations. Actual fund pricing terms, including the methodology used to determine the discount, are described in the Confidential Offering Memorandum.
Distributions only upon portfolio exit events.
Standard institutional rate, charged on committed capital.
Carry on profits above the fund hurdle.
Maximum exposure to any single portfolio company.
Target allocation to pre-exit, late-stage names.
All figures shown are illustrative targets only and are not guaranteed. Liquidity (3–5 years) and stage allocation (88% late-stage) are underwriting goals, not commitments, and may not be achieved. Actual fund-level returns and hold periods may be materially different, including total loss of capital. The Fund’s return objectives and modeling are shared with prospective investors in due-diligence materials, not on this website. Fund-level fees of 2% management and 20% carry apply per the Confidential Offering Memorandum. See Disclosures & Risk Factors.
Four structural advantages - engineered into the fund.
A single subscription buys exposure to ~40–50 pre-exit private technology leaders - selected from a universe of ~100 underwritten names, sized so no single outcome can dominate.
Tested market leaders with recent large funding, institutional VC backing, and a credible path to an IPO (Initial Public Offering) or strategic exit.
On past employee-option financings, Fuel Venture Capital’s affiliated funds captured 30–40% discounts to latest 409A valuations and ~50–70% to latest financing valuations; the Fund seeks to capture similar.
Contractual protections and liquidation preferences seek to position the Fund senior to the underlying employee with respect to recovery in the event of a liquidity event.
The four structural advantages described above are design intentions of the Fund, not guarantees. “Credible path to IPO or strategic exit” reflects the manager’s screening criteria; no portfolio company is committed to a specific liquidity event. Contractual protections and liquidation preferences are sought in employee-option financings but do not guarantee recovery of invested capital - investors may lose some or all of their investment. The discount ranges (~30–40% vs 409A, ~50–70% vs latest financing valuations) reflect discounts Fuel Venture Capital’s affiliated funds captured on past employee-option-financing trades; the Fund seeks to capture similar discounts. Past transactions, not a guarantee of future pricing. See Disclosures & Risk Factors.
Important context on the figures shown above, and the eligibility requirements for participating in this offering.
Discounts reflect illiquidity premium typical of secondary employee option markets, employee time constraints (90-day exercise windows), and diversification across employee cohorts.
These ranges reflect discounts Fuel Venture Capital’s affiliated funds captured on past employee-option-financing trades; the Fund seeks to capture similar discounts but does not guarantee them, and pricing may narrow or disappear depending on market conditions and exit timing. They reflect past transactions, not a guarantee of future pricing; the Fund’s actual pricing terms are described in the Confidential Offering Memorandum.
A discount to valuation at entry does not protect against principal loss if the company's valuation declines prior to exit. These discount percentages are not comparable to public market valuations and should not be interpreted as undervaluation relative to public company multiples.
The Cap-U Fuel Innovation 100 is offered only to accredited investors as defined under SEC Regulation D. Prospective investors must demonstrate accredited investor status prior to investment.
Accredited investor status has specific income and net worth requirements that vary by individual circumstances. This offering is made under Rule 506(c), which requires third-party verification - self-certification alone is not sufficient.
All terms are described in full in the Confidential Offering Memorandum, Limited Partnership Agreement, and related subscription documents, which prospective investors must review in their entirety prior to any investment decision.
Fees, minimums, hold period, K-1 cadence.
The fund's management fee is 2% (consistent with the Fund Terms above), with the exact fee base and any offset or step-down provisions detailed in the offering memorandum. Specific terms binding on investors are in the offering documents.
Performance allocation (carried interest) is paid only after the fund returns a preferred return (hurdle) to limited partners. A standard structure is a 20% performance allocation above an 8% preferred return, with a 100% catch-up. The fund's specific waterfall - hurdle, catch-up, and tier breakpoints - is documented in the limited partnership agreement.
Minimum subscription amounts are set in the offering documents and may differ by share class or investor type. Please request the offering materials for the exact figure applicable to your subscription.
The fund issues Schedule K-1 forms annually for federal partnership income reporting. K-1s are typically delivered to LPs by March 31 each year. The fund administrator handles the preparation and distribution; specific cadence is in the offering documents.
Private fund interests are illiquid by design. There is no public market and no scheduled redemption. Investors should plan to hold for the full fund term (typically 3–5 years, with potential extensions per the Limited Partnership Agreement, or LPA). Some funds allow secondary transfers of limited-partner (LP) interests with general-partner consent; specifics are in the LPA.
Reg D · Rule 506(c) · Accredited
The summary above is a working overview. The Confidential Offering Memorandum governs all economic, operational, and legal terms of the fund.