Crystal Venture Partners · Fund II · Vintage 2026
Insurance is the critical infrastructure of the modern economy. Everything depends on it. The risk economy spans financial services, healthcare, insurance, real estate, and the technology layers underneath, roughly half of GDP.
The operating system of the risk economy is being rewritten. Across underwriting, distribution, claims, services, and the systems that connect them, the way businesses get built is changing in front of us. Fund II is positioned for that change.
Fund I built the network. The sourcing relationships. The signal that brings the next deal to us first. Fund II expands and deepens that edge. More companies, the same partner-level engagement with every founder we back.
$33M fund, 2024 vintage, final close September 2025. Eleven portfolio companies; we led or co-led every investment, with top-tier institutional investors following in subsequent rounds. Year-end 2025 audited net IRR: 67%.
The signal that brings the next founder to us comes from a network we've spent years building. The parts that carry the most weight:
The institutional investors who have followed on into our Fund I positions know what we back. They refer the founders they encounter early, the ones too small or too early for them to lead, to a firm they know will move quickly and seriously when the thesis matches.
Jonathan and Steve have spent their careers inside the insurance industry. The senior operators they've worked with at carriers, brokers, MGAs, and reinsurers call us first when they meet a founder who should exist next. That access is structural, not borrowed.
Three years in, Crystal Venture Partners is the first call for founders building in or near insurance. Our Fund I founders refer the next ones; the founders we backed are now the most credible reference a new one can ask for.
Full terms are in the Limited Partnership Agreement. Citations below reference sections of the W&S draft dated March 27, 2026.
Fund II is accepting first-close subscriptions through Q3 2026. Reach out for an introductory conversation or to request access to the data room.
