Alpaca

Alpaca is an SEC-registered investment manager that principally advises and manages closed‑end pooled venture capital funds and special purpose vehicles, and through affiliated entities provides discretionary asset management to real estate partnerships; its regulatory assets under management total roughly $150.3 million. As is common for firms in this category, compensation is governed by each fund’s governing documents and typically includes asset‑based management fees and performance allocations.

The firm targets early‑stage, mid‑stage and special purpose investments across property and construction technology, commerce enablement, supply chain, financial technology, blockchain infrastructure and marketplace startups in the U.S. and Canada, while affiliated advisers focus on opportunistic residential, industrial and redevelopment real estate opportunities. Alpaca states it uses data‑driven tools, including artificial intelligence and machine‑learning systems, to assist in sourcing, diligence and monitoring, and emphasizes that its fund investments are long‑term and illiquid.

Several features in the brochure distinguish Alpaca from many peers: it discloses and uses predecessor or prior‑track record performance in its materials (a practice relatively uncommon among similar managers) and explicitly contemplates exposures such as digital assets and SPAC‑related activities, with attendant custody and regulatory considerations. The firm also operates through affiliated relying advisers and documents advisory‑committee, side‑letter and co‑investment practices that may affect allocations and present potential conflicts of interest for investors to consider.