In January 2025, we introduced the Select Syndicate with a thesis. The best opportunities were increasingly locked in private markets — companies staying private for 12+ years instead of 4, with most of the value created before an IPO — and we believed curation and selectivity could unlock that asset class for our members. We aimed for unparalleled access, exceptional results, and expanding who gets to participate.
Twenty months in, with fresh mid-year metrics, here’s how that thesis is holding up.
We set out to curate unparalleled access. At launch, we pointed to opportunities alongside Founders Fund, Khosla Ventures, and access to oversubscribed rounds. Since then, the bar has only risen: the syndicate has invested alongside top-tier co-investors in some of the defining companies of this era, including OpenAI, Anthropic, and SpaceX. Curating access of this caliber was the harder half of the bet, and it’s the part we’re most proud of.
We aimed for results built on judgment. Our target was top-quartile performance. As of June 2026, the portfolio is marked at a 2.1x gross MOIC — 1.8x net to LPs after fees and carry — with a ~160% net LP IRR: early metrics that instead compare favorably with top 1% venture benchmarks. Interim and largely unrealized, but a strong signal that fewer opportunities, chosen with more judgment, compound.
We predicted demand for expanded access to private markets. What we didn’t fully anticipate is how far that would reach. Capital deployed has grown 13x+ in the past year, ahead of our forecasts — driven by deepening member participation and, increasingly, by institutional investors joining alongside members: UHNW-focused RIAs, multi-family offices, funds, and single-family offices. When professional allocators choose to invest through your curation, that’s a trust signal no marketing can manufacture.
What’s next. We wrote in that first post that the syndicate was a natural extension of our mission to improve members’ lives. That’s truer now than then. This month we’re launching Syndicate Sessions — live virtual discussions for members where we walk through current opportunities and answer questions in real time — because the best insights shouldn’t live in one-to-one email threads.
The syndicate itself will continue to grow as institutional relationships compound already exponential growth. The syndicate is one piece of a larger financial vision for Select. More on that soon.
If you’re a Select member, check your inbox for the full update and your invitation to the first Syndicate Session.
— Carlo Cisco, Founder & CEO
Syndicate performance figures (including 2.1x gross / 1.8x net MOIC and ~160% net LP IRR) are interim, largely unrealized, net of fees where indicated, and as of June 2026. Past performance is not indicative of future results. Private-market investments are speculative, illiquid, and involve risk, including possible loss of capital. Syndicate participation is limited to qualifying members meeting applicable investor requirements. This post is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any security.
