Why Now
If there was ever a moment for a sizeable allocation to high-quality venture capital, it’s now.
The AI-driven rewiring of the global economy is the most fundamental technology build-out in history. Venture Capital is uniquely positioned to outperform other asset classes — and as dispersion across other asset classes grows, traditional safe havens are becoming increasingly scarce.
In a world of shrinking safe havens, a well-crafted, diversified VC strategy stands out as a rare paradox: arguably the one asset class positioned to deliver both strong outperformance and refuge.
Why Venture Capital
You should reliably make more money. And it’s more relevant and fun.
Venture Capital has emerged as the standout asset class — delivering exceptional returns while maintaining a remarkable level of predictability. Many believe VC has just entered a “Golden Age.”
Best performance. The top 25% of Venture Capital funds outperform the top 25% of funds in any other asset class — the top 10% even more so.
Highest predictability of performance. Counterintuitively, VC funds show significantly higher persistence of performance than funds in other asset classes. Research shows this persistence is far weaker in Private Equity, and nearly absent in Public Equity — meaning that investing in top-notch VC funds secures not just exceptional returns, but a robust predictability of those returns.
Emulating the world’s best long-term investor. Endowments are widely regarded as the most sophisticated long-term institutional investors. The Yale Endowment — often cited as the world’s greatest long-term investor — allocates 23.5% of its assets to Venture Capital, more than any other asset class in its portfolio.
Facilitating the future. Investing in exciting companies that shape a brighter future is more fun and more meaningful.
Top exits are doubling every five years. The top 1% of US venture-backed exits have grown from $1.4B to a projected $20B over two decades — not a one-time spike, but a consistent doubling roughly every five years, driven by ever-larger software markets and, more recently, AI-powered companies reaching commercial scale faster than any prior generation.
Now is a highly attractive entry point. Technology will be the primary driver of value over the next decade as AI-driven innovation reshapes the world. Relative to the very strong underlying fundamentals, current valuations make for a highly attractive entry point into Venture Capital.
Why Bluegrass
Not all VC is equal. The dispersion between top-decile and average funds is nowhere greater than in venture capital — making fund selection absolutely critical.
Striking but proven: a well-managed Fund-of-Funds outperforms average direct VC investments, net, even after double fees. The explanation lies in superior market knowledge, access and selection discipline.
At Bluegrass, we take this to a higher level: we invest exclusively in top-decile funds that excel across the four essential disciplines of successful VC investing — Sourcing, Screening, Winning and Managing.
On top of that, two unique advantages: low fees and full flexibility.
A proposition that is hard to match.
Bluegrass vs. the alternatives
| Bluegrass Ventures | Traditional Tier-1 Fund-of-Funds | Direct Investing into VC Funds | |
|---|---|---|---|
| Access to top-notch funds | ✔ | ✔ | ✘ |
| Diversification | ✔ | ✔ | ✘ |
| Flexibility (no blind-pool risk) | ✔ | ✘ | ✔ |
| Low fees | ✔ | ✘ | ✔ |
| Privak-proof route | ✔ | ✘ | ✘ |
Venture capital is one of the hardest asset classes to execute well — a Fund-of-Funds approach is structurally designed to do it better: in-depth understanding of the asset class, rigorous selection processes, and deep networks providing access to top-performing funds, resulting in higher predictability of returns and meaningfully stronger downside protection.
Low fees, high alignment
| Amount | Access Fee | Preferential Return | Performance Fee |
|---|---|---|---|
| > €7.5m | 2.0% | x3.0 | 2.5% |
| €3.75m – €7.5m | 2.0% | x3.0 | 4.0% |
| €1.5m – €3.75m | 2.0% | x2.5 | 6.0% |
| €750k – €1.5m | 2.5% | x2.5 | 7.5% |
| €375k – €750k | 3.0% | x2.5 | 9.0% |
| €200k – €375k | 3.5% | x2.5 | 12.0% |
For comparison, Tier-1 Fund-of-Funds typically carry a total fee load of c. 20%: roughly 10% in fixed fees (yearly management fee), a 10% performance fee, and no or a low hurdle.
How You Can Work With Bluegrass
Bluegrass offers two ways to invest:
1. Bluegrass Fund-of-Funds
We build and manage your portfolio of top-decile funds.
2. Bluegrass Platform
You choose: top funds, thematic or geographic selections (e.g. US funds or “Little Gems”) and/or direct investments — we provide the access and structure.
Our Approach
We combine a winning set-up with a winning approach.
Access to top funds
We source top-notch funds through a combination of rigorous data analysis and our extensive network:
- Data analysis — we track and benchmark hundreds of top-quartile funds and only invest in a fraction of them, focusing especially on up-and-coming funds showing strong initial success on the back of a differentiated approach.
- Network — we constantly exchange insights, information and introductions with some of the best funds, fund-of-funds and tech family offices in our network.
Rigorous screening
Every fund passes through four layers of filtering:
- Quantitative filter — top-decile, i.e. part of the top 10% of the VC universe
- Qualitative filter — a distinct unfair advantage in sourcing, screening, winning and managing deals; first-rate fund managers and convincing team dynamics
- Network validation — informal endorsement from credible parties in our network, and formal backing from reputable industry insiders (institutionals, GPs, founders)
- Privak-proof — we limit ourselves to funds where a Privak-proof route can be established, with managers who contractually commit to the administrative work required to make it work
A diversified, complementary portfolio
We categorise our opportunities into three buckets:
| Flagship Funds | Little Gems | Direct Investments | |
|---|---|---|---|
| Type | Established mid-sized funds with top-decile track records and a clear unfair advantage | Top-performing small funds led by one or a handful of star managers | Attractive direct opportunities sourced via our high-calibre network |
| Rationale | Backing the winners of an asset class that combines high dispersion with high persistence | Privileged access combined with superior win-rates — “smart money, small tickets” outperform larger funds competing for the same deals | Investing directly into clear category winners alongside top VC funds, at significantly lower fees |
By the Numbers
Our track record reflects our commitment to long-term value creation and meaningful partnerships.
These numbers represent more than capital—they reflect the strength of our network, the quality of our founders, and our long-term commitment.
Team
We are a highly experienced, ambitious and complementary team with a very strong network across the Venture Capital industry
—
30+ years of combined investing experience.
David Vlerick — Founding Partner 10+ years heading Venture Capital investments (both funds and direct) at Vlerick Group. Previously at UBS Investment Banking and 3i Private Equity. CFA (Chartered Financial Analyst); CAIA (Chartered Alternative Investment Analyst).
Jean Hocké — Founding Partner 15+ years of investment experience, including 5 years as Head of Investments for a family office. Previously at McKinsey London (private equity practice), ExxonMobil (commodity trading) and UBS Investment Banking. MBA from London Business School.
Owen Reynolds — Venture Partner 10+ years in Venture Capital across the US and Europe, leading both direct and fund strategies at single family office Innotek. Previously at Expon Capital and a US federal economist. MBA from Chicago Booth; MS in Economics from Northeastern University.
Ready to gain access to top-decile Venture Capital?
Whether you’re looking for a fully managed Fund-of-Funds or a platform to build your own VC allocation, we’d love to talk you through how Bluegrass works.
FAQ
What is Bluegrass Ventures?
Bluegrass is a Fund-of-Funds giving investors access to the world’s best Venture Capital funds, via a tax-efficient Belgian feeder (“private Privak”), at low fees and with full flexibility.
How does Bluegrass select the funds it invests in?
Every fund goes through a rigorous four-stage screening process: a quantitative filter (top-decile performance), a qualitative filter (unfair advantage and team quality), network validation from credible industry insiders, and a “Privak-proof” structural check.
What are the two ways to invest with Bluegrass?
A fully managed VC Fund-of-Funds portfolio (optionally complemented by direct co-investments), or the VC Platform, where you choose your own mix of top funds, thematic/geographic selections and direct investments while Bluegrass provides the access and structure.
What's the minimum investment?
€100,000 per underlying fund.
How do Bluegrass's fees compare to other Fund-of-Funds?
Meaningfully lower. Tier-1 Fund-of-Funds typically carry a total fee load of c. 20% (c. 10% fixed fees plus a 10% performance fee, with no or a low hurdle). Bluegrass charges an access fee of 2.0–3.5% and a performance fee of 2.5–12% (depending on ticket size), only above a 2.5x–3.0x preferential return hurdle.
What is a "private Privak," and why does it matter?
It’s a Belgian regulated investment structure. Subject to applicable conditions, capital gains realised through a private Privak are exempt from Belgian capital gains tax, and Bluegrass’s umbrella structure keeps admin costs low. We only invest in underlying funds where a “Privak-proof route” can be contractually established.
What has the track record been so far?
Bluegrass’s first three funds (vintages 2024–2025) show strong interim performance, with gross IRRs ranging from 41% to over 100% and net IRRs of 29–49%. This is an early, indicative fair-market-value estimate rather than realised performance — see full disclaimer.
Contact
Address:
Gentsesteenweg 1140, 1082 Brussels
David Vlerick:
+44/7842786465