Tory Row Capital Management is a venture capital firm located in Austin, Texas. We operate differently than most hedge funds. Instead of hiring investment professionals with Wall Street experience, our investment team is comprised of computer scientists and product executives with familiarity in the technology sector. We maintain a roster of specialized contacts in Silicon Valley. We frequently consult with researchers and professors at top-tier technical universities to illuminate us on research developments and unique scientific processes. Our competitive advantage enables us to identify winning technology very early in the development cycle.

As the Founder and CEO of Tory Row Management, I am a twenty year Silicon Valley veteran. I have gained first-hand industry knowledge from employment at some of the largest technology corporations in the region, including Microsoft. I was also an integral member of a portfolio management team tasked with managing $2 billion in fund of funds for the Gulf Bank in Kuwait. Since 2001, I have built a vast network of angel investors and developers who provide expert insights and deal flow for the most popular technology start-ups within the Valley. I hold a computer engineering degree from the University of Washington and an MBA from the University of California at Anderson. Additionally, I have completed advanced work in artificial intelligence (AI) at Stanford.

The Tory Row Technology Fund invests in companies on the cutting-edge of technology. The focus will be in sectors slated to create the most long-term humanitarian impact over the next five to ten years. Targeted investments will concentrate in the following areas:

• Internet infrastructure, hardware, & cloud computing,
• Artificial Intelligence, robotics, & automation,
• Crypto currencies, decentralized finance, & web 3.0,
• Next generation transportation technologies, self-driving auto & space exploration, and
• Bioengineering, gene editing, biological human computer interfaces & other life sciences.

Tory Row Technology Fund is divided into two large investment categories. The first category contains cryptocurrencies/decentralized financial investments and early-stage venture investments. These investments can take up to ten years to become liquid. At this early stage, there can be a high loss rate. Accordingly, this portion of the portfolio will be highly diversified. The target is twenty investments a year, or one every 2-3 weeks. This portion of the portfolio will contain smaller investments and be more dynamic. The second category contains publicly traded technology companies. The target is five investments a year within a three to five year holding period. This portion of the portfolio will contain larger investments and provide more consistency.

Cryptocurrencies, Web 3.0, and decentralized financial investments:
• We invest where the platforms are inherently useful, novel, and do not exist in the current marketplace.

• We invest where the codebase is open source and secure for our team to examine it. This protects against potential “back doors” in the code and prevents scams from happening.

• We invest where platforms contain high rates of adoption and strong network effects; we also monitor the number of developers, commit to the open-source code repository, and to user adoption to the platform.

• We invest where there is both supply and demand of the particular currency. For example, we answer the question “do they have the right to print more tokens?” This is often gamed and carefully considered.

This portion of the fund comprises 30% of the portfolio.

Early stage venture investments:
• We invest in areas where the founding team are experts and maintain deep industry contacts.

• We invest when the technology is less than five years old. Our research suggest that technology older than this becomes stale due to saturation and existing competition in the marketplace.

• We invest where angel investors have demonstrated a strong track record and commit capital as part of the seed or series-a round.

This portion of the fund comprises approximately 30% of the portfolio.

Publicly traded companies:
• We invest in companies that retain the best technology in their given space. An example would be Nvidia, a company with top artificial intelligence and world-wide recognition in graphic chips.

• We invest in companies that relish in near monopoly status and possess deep moats in their business model. An example would be Google’s domination in the search engine space.

• We invest in companies that generate an exorbitant amount of free cash flow at scale. An example would be Apple, which generated $73 billion of free cash flow in 2020 alone.

This portion of the fund comprises 30% of the portfolio.

Special Situations/Follow-On Rounds:
• We keep a portion of cash on hand to contribute to follow on rounds for best start up investments in certain situations. For example, we invest if a major correction occurs in the cryptocurrency or stock markets, we opportunistically use this cash to take advantage of the lower market prices to add to our positions.

• We invest if we made a seed stage or series A investment and a company experiences exponential growth, we will subsequently use these funds to participate in further financing rounds to maintain our percentage equity stake in the company or to prevent any dilution hit.

• We invest if a company that we previously wanted to invest in but could not due to extenuating circumstances (price was too high or we could not get into previous funding rounds) suddenly becomes available, we will use these funds to make that investment.

This portion of the fund comprises 10% of the portfolio.

Some of our notable holdings include Tesla, Apple, Google, Amazon, Nvidia, AMD, Bitcoin and Ethereum. Since 2016, our investments have returned approximately 79x on invested capital back to investors for an internal rate of return of 140%.

Management fees for LP’s are 2% per annum over the fund’s ten year life, payable quarterly and 20% of the carry.

If you are an accredited investor (a high net worth individual or a pension fund) interested in becoming a LP, email me at michael.aucoin@protonmail.com to receive information on how to subscribe. I look forward to discussing this opportunity with you.