Happy Tuesday,
If you're receiving this for the first time, we likely had the pleasure of connecting sometime during Q3 2025. We're glad to have you in the loop.
This email is designed to share key progress updates and insights from our work. You can browse the last five years of updates here. If you'd prefer not to receive future updates, you’re welcome to unsubscribe at any time using the link at the bottom.
In this update, we'll cover the following:
Chisos Phase 3 - Balance Sheet Investing
Actively deploying capital
New partnership announcements
Closing the round at month end
Investment portfolio updates
New Investments
Portfolio updates
Chisos Phase 3 - Balance Sheet Investing
Actively Deploying Capital
In Q3, we made 8 new investments, bringing our overall portfolio to 100 total investments 🎉; 13 in Fund I, 56 in Fund II and 31 Balance Sheet Investments. We currently have approximately $400k in dry powder (with more closing soon) that we will be deploying over the next few months at a pace of two to five investments per month.
Our best deals are often referrals, so please send talented individuals with high earning potential our way. We're specifically interested in the following types of individuals to invest in:
Early-stage entrepreneurs building capital efficient and scalable businesses.
College or post-college Athletes in need of capital to train/travel/compete for a chance at going pro or Athletes interested in raising capital to build their media presence in order to attract more lucrative brand/NIL deals.
Creators raising capital to grow their audiences or launch a creator-adjacent business.
Emerging fund managers seeking capital to support costs before holding a first close (Venture fund managers, Private Equity fund managers, Search fund managers, etc.)
New Partnership Announcements
Over the summer, we focused heavily on building strategic partnerships that position Chisos for our next phase of growth — expanding from a pure asset manager to a true investment platform for people. These relationships are opening new proprietary deal flow channels and adding thematic depth to the business.
The first partnership is with Kold Sports Group, a leading sports agency and sports tech platform. Together, we’re building pathways for investing in talented college and pre-pro athletes — helping them fund their journeys both on and off the field. [Press Release here]
The second partnership is with Crowdsurf, an investment platform that connects investors directly with talented individuals. The alignment between Chisos and Crowdsurf is clear, and we’ve already started co-investing in opportunities on the platform. One public example is Nick Luciano — investors in our Circle who want to participate can explore his profile [here]. [Press Release here].
*Accredited investors who would like to see private “Invest in the Individual” deals can request access through our Crowdsurf co-branded landing page.
Finally, we are finishing our $5 million TopCo/GP Preferred Equity raise at the end of October. If you’re interested in joining or increasing your allocation, please reach out for details.
Chisos Investment Portfolio Updates
Chisos LLC Balance Sheet
8 new investments in Q3 2025:
Cascade Live (x3 cofounders)
Kold Sports
Blind Insight (Top up investment)
Redactable (Repeat investment)
Chisos Capital Fund II - ($2.01mm; closed August 2023)
Fund II is fully deployed with 56 investments. Some notable portfolio updates include:
Arvist closed an oversubscribed $4mm Seed round, and continues to have solid traction onboarding new customers and building sales and partnership pipelines. Kudos to Nilay and team!
Nimbus Aerospace began assembling parts for their ¼ scale assembly (hybrid private jet) and made an exciting announcement about the development of AI software to accelerate FAA certification. Awesome progress and exciting use of AI.
MACROFIT reported the acquisition of Flexia (Pilates Equipment) and a 40% increase in revenue in the month following the transaction as well as a 2X increase in subscription revenue.
A-Frame Venture Studio announced the official delivery of the first batch of production of MIRTH Water, their first portfolio company.
Blind Insight continues to see good early adopter traction and closed a small bridge round as they work towards SOC2 compliance which unlocks customer contracts (revenue) and triggers milestones for their next tranche of funding.
Keepingly is building momentum and polishing product releases before flipping their 11,000+ user waitlist into active customers. Once officially launched they will open their first formal funding round.
Esker Beauty announced that they will be launching on Ulta.com this fall; expecting this to bring great exposure, brand building and revenue.
Chisos Capital Fund I - ($500k; closed January 2021)
Fund I is fully deployed with 13 investments. 5 companies are still active. Notable updates:
Redactable expects to raise a Series A in Q4.
Vizen Analytics feels like they have ‘cracked the code’ on positioning their supply chain analytics (AI) - causal AI and dynamic Inventory Management. First POs signed and the prospect pipeline is growing.
The Talent Ledger is my weekly newsletter where I share a behind-the-scenes look at how I evaluate and invest in emerging talent — founders, creators, athletes, and fund managers. I write about real investment decisions, what matters beyond the pitch deck, and the unconventional paths people take to success. If you're curious about how capital is shifting to support individuals instead of just companies, this is for you.
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