20.
EST. 2011 — LOADING
N° 001 — A Platform For Founders Twenty
Capital Partners
20.
A venture studio, private equity firm, and early-stage fund — operating as one platform for the companies defining what comes next.
We partner with operators,
build with conviction,
and hold for the long view.
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Lumen OS✦Meridian Climate✦Axion Labs✦Orbit Health✦Cascade✦Helios Group✦Pascal✦Silverpeak✦Quire✦Voltage✦
Lumen OS✦Meridian Climate✦Axion Labs✦Orbit Health✦Cascade✦Helios Group✦Pascal✦Silverpeak✦Quire✦Voltage✦
§ 01 — Thesis What we believe.

The next generation of category-defining companies won't be built alone. They'll be built with partners who've operated, scaled, exited — and done it again. We bring capital, craft, and conviction to the table, and we stay.

§ 02 — Practice

Three disciplines,
one platform.

01 / Studio

Venture
Studio

We conceive, co-found, and operate companies from the ground up — incubating the ideas we wish existed.

  • Company Formation
  • Founding Team Assembly
  • GTM & Product Design
  • Up to $5M Initial Check
02 / Private Equity

Private
Equity

We acquire and operate profitable companies at growth inflection points — building enduring businesses over decades, not quarters.

  • Control Acquisitions
  • Software & Industrial Tech
  • $20M–$200M EBITDA
  • Long-Duration Capital
03 / Venture Capital

Venture
Capital

We lead and co-lead rounds in exceptional early-stage teams — backing conviction with patient, founder-aligned capital.

  • Seed through Series B
  • $500K–$15M Checks
  • Board or Observer Seats
  • Operator Network Access
§ 03 — Portfolio

Companies we've built,
backed, and believed in.

87 Active Companies
23 Realized Exits
14 Industries
Studio'22

Lumen OS

Infrastructure Software
Series B · Lead
Venture'21

Meridian

Climate Fintech
Series A · Co-Lead
Venture'23

Axion Labs

Applied AI
Seed · Lead
PE'19

Helios Group

Industrial Automation
Control · $180M
Studio'20

Orbit Health

Clinical Operations
Series C · Founding
Venture'22

Cascade

Developer Tools
Series A · Lead
PE'18

Silverpeak

Vertical SaaS
Control · $95M
Venture'24

Pascal

Data Infrastructure
Seed · Lead
Studio'24

Voltage

Energy Markets
Pre-Seed · Founding
§ 04 — By the numbers

A decade-and-a-half of compounding.

$0B
Assets Under Management
0
Portfolio Companies
0
Realized Exits
0
Year Founded
§ 05 — Approach

How we show up for the long work of building.

Step 01 — Source

Conviction
over consensus.

We develop independent theses across technology and industry, and we back them early — before the trend becomes obvious. Our best investments are often the ones that felt contrarian at the time.

Step 02 — Build

Hands
in the work.

We're operators first. We embed with founders on the questions that actually matter — hiring senior talent, pricing, go-to-market motion, board composition, capital strategy. Not in the way. Not far away.

Step 03 — Scale

Patience
as strategy.

Our capital base allows us to hold across cycles. We don't sell because the clock tells us to. We exit when the company is ready — and sometimes we hold forever.

§ 06 — Writing

Letters & essays.

All Writing
Memo — 04.20268 min

The return of the operator-investor, and why it changes everything.

A generation of founder-operators is now deploying capital. What happens when the people writing the checks have actually built the company?

E. Marchetti
Essay — 02.202612 min

Why long-duration capital wins the next decade.

Ten-year funds built a generation of companies. The next one will be built by capital that can hold for twenty.

J. Kim
Field Note — 01.20266 min

Notes on building a studio inside a fund.

The venture-studio model is misunderstood. It is not an accelerator, it is not an incubator. It is a different instrument entirely.

T. Nakamura
§ 07 — Team

Operators turned investors,
investors turned operators.

Elena Marchetti

Founding Partner

Previously founded & exited two software companies. 22 years across ops & investing.

Jonas Kim

Managing Partner, VC

Former early engineer at two category-defining companies. Seed through Series B.

Priya Raghavan

Managing Partner, PE

15 years in buyout & growth equity. Former operating CEO of two portfolio companies.

Thomas Nakamura

Head of Studio

Co-founder of three companies across SaaS, climate, and health. Serial builder.

Yasmin El-Sayed

Partner

Infrastructure & dev-tools specialist. Previously engineering leader at two unicorns.

§ 08 — Get in touch

If you're building something ambitious,
we should talk.