Hana Yang

𝗔 𝗡𝗲𝘄 𝗖𝗵𝗮𝗽𝘁𝗲𝗿: 𝗙𝗿𝗼𝗺 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗘𝗾𝘂𝗶𝘁𝘆 𝘁𝗼 𝗣𝗶𝗼𝗻𝗲𝗲𝗿𝗶𝗻𝗴 𝗪𝗲𝗮𝗹𝘁𝗵𝗧𝗲𝗰𝗵 🚀 After a decade in tech investing at Hellman & Friedman and Apax I’m thrilled to announce my journey as 𝗙𝗼𝘂𝗻𝗱𝗶𝗻𝗴 𝗣𝗮𝗿𝘁𝗻𝗲𝗿 𝗮𝘁 Heritage Holdings. Our mission? 𝗧𝗼 𝘁𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺 𝗶𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝗳𝗼𝗿 𝗳𝗮𝗺𝗶𝗹𝗶𝗲𝘀, founders, 𝗮𝗻𝗱 𝗮𝗱𝘃𝗶𝘀𝗼𝗿𝘀, 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗺𝗼𝗱𝗲𝗿𝗻 𝘁𝗲𝗰𝗵, superior portfolio construction and access to 𝘁𝗼𝗽 𝗮𝗹𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝘃𝗲 𝗮𝘀𝘀𝗲𝘁𝘀. 𝙰̲ ̲𝙷̲𝚎̲𝚊̲𝚛̲𝚝̲𝚏̲𝚎̲𝚕̲𝚝̲ ̲𝚃̲𝚑̲𝚊̲𝚗̲𝚔̲ ̲𝚈̲𝚘̲𝚞̲ My deepest gratitude to Apax and my partners Mark Beith Marcelo Gigliani Daniel O'Keefe. Building a leading EU growth equity platform together has been remarkable. Shoutout to Agostino Vikram Aurelia Shashwat Ela Chana Ishan Thore and Lucas You are rockstars. 🙏 Watching Tide Pricefx ClearBank and Faculty all grow from <$5M in revenue at the time of our first meeting, to combined >$500m in revenue, showed me the art of the possible. Dr. Oliver Prill Ronak Sheth Charles McManus Marcin Cichon Marc Warner — you are inspiring. 𝚆̲𝚑̲𝚢̲ ̲𝙷̲𝚎̲𝚛̲𝚒̲𝚝̲𝚊̲𝚐̲𝚎̲?̲ My journey began when, at the age of 22, after 4yrs learning the ropes as a software founder, I started working with big banks at McKinsey. I met extraordinary professionals, but was struck by profound problems of this legacy industry. A decade in fintech deepened this awareness: 1. Entrepreneurs spend a lifetime building a legacy, but 90%+ of these are gone by the 3rd gen 2. Wealth products are often sub par, and very expensive. Access to quality alternative assets is even worse. 3. Investing is complex, and only few really use proper portfolio construction. 4. Family offices build a lot in house that could be better/cheaper joining forces with others 5. Everyone talks about Tech/AI, but large organizations are very far behind. 𝗢𝘂𝗿 𝗩𝗶𝘀𝗶𝗼𝗻: 𝗕𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗮 𝗪𝗲𝗮𝗹𝘁𝗵𝗧𝗲𝗰𝗵 𝗟𝗲𝗮𝗱𝗲𝗿 𝗳𝗼𝗿 𝘁𝗵𝗲 𝘂𝗽𝗽𝗲𝗿 𝗲𝗻𝗱 𝗼𝗳 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 This is a trillion-dollar industry with multiple tailwinds: 1. Increasing UHNWIs 2. Growing exposure to private markets by families 3. Unprecedented wealth shifts to next gens 4. New AI use cases for workflow automation Tech proposition have emerged for mass market, but nobody has really cracked the problem with a modern tech stack, for UHNWI, where needs are more complex. 𝗪𝗲 𝗮𝗿𝗲 𝗯𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗮 “𝟭𝟬𝘅 𝗯𝗲𝘁𝘁𝗲𝗿” 𝗽𝗹𝗮𝘁𝗳𝗼𝗿𝗺 𝗮𝗻𝗱 𝗮𝗻𝗱 𝗲𝘅𝗰𝗹𝘂𝘀𝗶𝘃𝗲 𝗴𝗹𝗼𝗯𝗮𝗹 𝗰𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝘆 𝗼𝗳 𝗽𝗲𝗲𝗿𝘀. I’m thrilled to partner with my cofounder Lucio Di Ciaccio, tech investing veteran and one of the sharpest minds I know, as well with an exceptional team of partners, with a unique level of grit and industry experience. We are grateful to be backed in this mission by some of the most prominent families globally. If you know someone interested in transforming this industry, 𝗽𝗹𝗲𝗮𝘀𝗲 𝗗𝗠 𝗼𝗿 𝘀𝗵𝗮𝗿𝗲 𝘁𝗵𝗶𝘀 𝗽𝗼𝘀𝘁. Stay tuned.

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Today marks a groundbreaking moment for BLCK VC and our fellow collaborators—Diversity VC, All Raise, 2Gether-International, SomosVC, StartOut, and VetsinTech—as we proudly announce the launch of the Diversity Data Alliance. This important alliance underscores our unwavering commitment to nurturing a venture capital and entrepreneurial ecosystem abundant in equity and inclusiveness. By standardizing and linking our data, we empower ourselves with the essential tools to track deeper trends that have, until now, eluded us to identify and fill funding gaps for historically excluded investors, founders, and operators. We can’t change what we do not measure, and now with the Diversity Data Alliance, we're now equipped to do both. Join us in this mission. Learn more and get involved: https://lnkd.in/eEZKdrac #DiversityDataAlliance #BLCKVC #VentureCapital #MeasureToChange

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‌I recently returned from spending a week in São Paulo, where I had the pleasure of visiting friends and loved ones. In addition to reconnecting, I engaged in productive discussions with founders, fellow venture capitalists, and other asset allocators. ✈ 👨‍💻 👊 The trip was filled with great meetings, offering valuable insights and market perspectives on early-stage venture capital and the fintech ecosystem in Brazil. 🎯 🌎 💡 #VCs #earlystage #investments #networking

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Over the years, we at GFR Fund have solidified our investment thesis, which is that we invest in "emerging digitally native communities." These communities can be built around games, social media, and any consumer applications. Now, founders have many easy-to-use tools to build user communities, such as Discord, X/twitter, Instagram, etc, and we believe the founders should start building communities even before they launch a product. The communities can help founders: - reach PMF faster - acquire users cheaper - retain and engage users longer - build better UX/UI, and - hire early employees Below, you can see how RTFKT and Omeda Studios built the community and then worked with them to create a product the users really wanted. We would love to talk to the founders who think the community is essential in building a product!

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Super helpful article and accompanying doc with a #Startup #Equity Calculator to determine the equity for early hires, thanks to Pear VC head of talent Matt Birnbaum! Thanks for sharing Pejman Nozad! 🙏🏼 You can read more here How to structure startup equity for early hires: https://lnkd.in/ggmpT5-Y Google Doc: https://lnkd.in/gjsvths6

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💰Sharing a List of 80 Black-led VC funds (US based): About this list: I realized that I couldn’t find a current list of Black-led funds as of 2024 when a lot of new funds have launched over the last couple of years including GPs Sydney Paige Thomas, Terri Burns and more. I have been gathering a list of these funds in my network, and that I could find publicly over time so wanted to share with the ecosystem. Only 2% of VC funds are Black-led: I found 80 funds (maybe there’s more!). There are 3,417 VC firms in the US (according to NVCA). Founders - These funds invest from pre-seed through growth, some with a focus on diverse founders, others more broadly. ⅔ of them have OPEN funding applications that I’ve linked in the sheet. LPs - As mentioned, a number of these funds might not be in the databases used for tracking, so hope to get some more Black-led funds on your radar! VCs - maybe there are some funds you should get to know for deal sharing, etc 👉🏾Link to full list here: https://lnkd.in/gktBhY-W

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🚀 This one’s for the founders: a masterclass in execution and innovation. This week, I sat down with Adhemar M., founder and CEO of Kovi, a Brazilian company redefining mobility through car subscriptions and connected tech in a market plagued by high costs and limited credit access. Backed by ~$145M in funding from the likes of Valor Capital Group, monashees, MAYA CAPITAL, Globo Ventures, Norte Ventures and Peter Thiel's family office, Kovi is addressing high car costs, tough credit barriers, and insurance gaps in one of the world’s most exciting markets. What we covered 👇🏻 ​🔑 Driving innovation: How Brazil’s mobility challenges are powering market transformation ​🤝 Connect the dots: Building stronger founder/VC partnerships through transparency and market education ⚙️ Complexity doesn’t scale: Lessons in building efficient, scalable operations 🌐 Break down silos: Creating synergy between tech and operations in a startup ​⚡ Clean win: How Brazil’s renewable edge and gig economy lead the EV growth Link in comments—don’t miss this one! 🎧 PS: Thank you Vander Corteze, MD for the intro to Adhemar and for some excellent question suggestions 👏🏻

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Sharing views of my Partner. "Within the climate change investment ecosystem, much of the capital has gone to two ends of the spectrum: venture capital and infrastructure. Those investments are obviously impactful, but more of a developmental, long-term approach to solving climate change. We try to focus on where we can make an impact today. That means looking for companies already reducing emissions or saving energy." Read more from Stuart Barkoff, co-founder and managing partner GEF Capital Partners https://lnkd.in/dX2CMs35

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Want a front-row seat to the frontier of tech? We’ve got the role (or two) for you! We’re expanding our frontier-tech team at Blackbird by hiring a Frontier Tech Investments Associate and Foundry Fellows! Got questions? We've got answers... 1️⃣ What are the roles? 🧪 Associate = a full-time VC investment gig in our Blackbird Investments team, working directly with me. We’re looking for someone with a science and/or engineering background and more curiosity than they can handle. You’ll grow your own investment brand and practice, support our portfolio founders, and will help build Foundry, our early-stage frontier-tech accelerator. ✨ Foundry Fellow = a casual/contract gig in our Blackbird Investments team, ~15h per week for 3 months. The Fellowship is ideal for PhD students and ECRs who want to learn more about startups and VC. You’ll go deep on emerging areas relevant to your expertise (or curiosity!), get a front-row seat to groundbreaking companies in those areas, build out your non-academic network, and develop a solid writing practice. 2️⃣ Why are you hiring? We love frontier tech, and we’re ready to grow our team. 3️⃣ Wow, it’s so great that you’re starting to look at deep tech! Look, we get it: we don’t make a lot of noise about our frontier tech investing. Buuuut we’ve been deep-tech investors since we backed Tim Kentley-Klay to found Zoox back in 2014—we’ve been on incredible journeys with PsiQuantum (building the world's first utility-scale quantum computer right here in Australia!), Inventia Life Science (transforming drug discovery with high-fidelity cell models), Remedy Robotics (surgical robots for remote endovascular procedures), Opto Biosystems (minimally-invasive neural implants to treat cancer), and more. We believe that frontier technologies, and great frontier-tech investing, will be part of the solutions to the greatest problems humanity faces today. 4️⃣ When do applications close? May 31st at 11:59pm AEST. 5️⃣ I have more questions! I’m sure you do! Clare Birch and I are hosting an AMA to answer any and all questions about these roles. Want to know what a week in the life of our team looks like? What’s keeping us up at night? What our ideal candidate looks like? Come along and find out - registration link in the comments 👇 Apply for these roles: Associate - https://lnkd.in/gCfj4EUJ Foundry Fellowships - https://lnkd.in/gj6ATZVZ If you know anyone that we should meet, send me their details! Cameron Elise Ben Andrew Robin Joseph Adelaide James Olivia Lucinda Raghav Jesse Christie Mohamed Tom Amee Pablo Haya Loong Hon Joshua Benjamin Megan Harry Denzil Matthew Diana Daniel Tom Deanna Justin Amar Lilly Stone Thomas

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Insightful breakdown from my great Partner Omri Amirav-Drory on the simple factors that really separate the top 1% of investors from the rest, and how more operators should become investors! https://lnkd.in/gEiZdT2h

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Today, Two Chairs announces $72M of new funding to continue building a world where everyone has access to exceptional mental health care. Since late 2017, when Maveron led the Two Chairs Series A, the need for mental health services has grown considerably as our society has become lonelier and more isolated than ever. At the same time, our culture’s willingness to openly acknowledge these challenges is greater than ever. Sadly, the rapid growth of Two Chairs affirms the fact that our society is in desperate need of better mental health support. Two Chairs has built a business that believes clinical quality is the defining characteristic of success. Alex Katz has always emphasized the paramountcy of measurement-based clinical outcomes, which the team works tirelessly to achieve. In the process, Two Chairs has illustrated that embracing the ‘move fast and break things’ mentality doesn’t always work. Instead, Two Chairs opted for a different approach: they went slow to go fast. They built a proprietary algorithm that matches patients with the perfect therapist at the onset and hired a team of W2 clinicians oriented toward providing the highest quality care available. Even as the Two Chairs team has grown, their culture has remained small. This has enabled more intimate relationships within the team and between clients and clinicians. Reflecting on this milestone brings me back to the founding of Maveron and the values we hold dear. In 1998, my friend Howard Schultz and I founded Maveron to help entrepreneurs build companies that improve the lives of everyday people—their employees and their customers. There is perhaps no better example of this than Two Chairs. *** Thank you to TechCrunch's Marina Temkin, CFA for the great write-up. https://tcrn.ch/4aMt7yG

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If you are curious to learn about angel funds, their difference to other angel investing models and how it reduces the risk of investing in startups, come listen to this episode of VC10X podcast. Here, Prashant Choubey and I talk about this and much more. Thank you Prashant for this conversation! #angelinvesting #startups #innovation #angels #angelfunds #coreangels

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ICYMI, I recently wrote for Entrepreneur Media why meaningful measurement is absolutely critical in the impact investing space. We have an obligation to see beyond short-term profits and measure impact outside the walls of investment portfolios, ensuring that we are also uplifting the lives of people in the communities where we disperse capital. #ImpactInvesting

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✨ Breaking: BFM Fund Announces New Fund.- BFM Fund A seed-stage fund focusing on founders who are Black, Indigenous, and people of color, promoting diversity in venture capital. https://www.bfm.fund Please share to let other #Founders know For the ❤️ of Startups #Fusion42 #Startups#Venturecapital

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This week, I had the incredible honor of moderating a panel on "Institutional Allocations to Venture Capital" at the inaugural Brazil LP Summit for Portfolio Summits. With over 150 allocators from around the world in attendance, we explored how venture capital can drive access to groundbreaking technologies and address critical issues such as climate change and diversity. Alongside esteemed panelists – Carolina Assis from Turim, Rony Porat from IDB Bank, and Thomaz Figueiredo from Provence Partners – we delved into the strategic importance of these investments in fostering long-term growth and portfolio diversification. A big thank you to the organizers and participants for making this event a platform for impactful discussions and innovative strategies! Looking forward to more dynamic collaborations in the future. #VentureCapital #PrivateInvestments #LPSummit #InstitutionalInvestors #FinanceInnovation #InvestmentStrategy #GlobalAllocators #PortfolioDiversification #CapitalMarkets #InvestmentInsights

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“Venture distribution cycles have elongated to the point that LPs now risk a decade of negative cash-flow on many of their VC relationships. That's not sustainable for institutions with large spend requirements, such as a university endowment.” A lack of liquidity in VC is proving to be a major issue for some endowments. There are plenty of medium sized endowments who went full in on the Yale model, but have a lot more concentration risk due to size. That’s a tough game to play when you have required outflows. https://lnkd.in/ewkhEDSi

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The (Healthcare) Ground Beneath Our Feet… This year it is likely that over $10 billion will be invested in the digital health sector – a robust amount, no doubt, but inconsequential when compared to the amount of capital tied up in healthcare real estate assets, which is estimated to be $1.2 trillion by Jones Lang Lasalle. Of that amount, approximately $790 billion is in the hospital sector while the remaining $490 billion is in medical office assets. It is estimated that there are 48.6k facilities with 3.4 billion square feet of healthcare real estate, 42% of which are owned by REITs and another 33% held by other private investment vehicles. Much of the digital health investment is meant to make the physical healthcare infrastructure more productive: greater operating efficiencies, greater patient throughput, more relevant personalized care models with better outcomes. As the healthcare system is being pushed to be more distributed to lower cost sites of care, accelerated now by the rapid proliferation of automation and AI capabilities, the potential impact on healthcare infrastructure assets will be profound. Thoughts on what that might look like... https://lnkd.in/eTfAdUbS #digitalhealth Flare Capital Partners

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Today we’re excited to announce we’ve raised approximately $8B of new capital, empowering the future of technologies and businesses worldwide. As we venture beyond to create new realities alongside ambitious entrepreneurs, we’re energised by what lies ahead. For 25 years, we’ve partnered with founders to build enduring companies. In healthcare, we set out to work with aligned parties across the industry to deliver transformation, rather than just innovation, inspired by our own vision of Health Assurance. We are fortunate to have partnered with extraordinary teams including those at Aidoc, ArriVent Biopharma, Cityblock Health, Capital Rx, Commure, Dandy, Devoted Health, Homeward, Livongo, Maven Clinic, Sword Health and Transcarent to make this bold vision a reality. We are grateful for the support of our LPs to accelerate our work to deliver a more resilient system of health globally. I am also thrilled that with our expanded seed capacity in Europe and India, we’re further strengthened our focus on working with founders from the very first stage of their journey. Learn more → https://bit.ly/gc-xii CC: Hemant Taneja, Kenneth C. Frazier, Holly Maloney, Elena Viboch, Caitlin Donovan, Reva Nohria, Candace Richardson, Alexandre Momeni, Rachit N., Pranay Orugunta, Tyler Olkowski, Dylan S. #VentureBeyond #GlobalResilience #HealthAssurance #AppliedAI #Startups #VentureCapital

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