As we step into 2025, we want to take a moment to reflect on what we’re building together—and why it matters. 

Venture capital has always been an exclusive club, open only to a small group of investors. But that’s changing—and you’re driving it. By investing in The Cashmere Fund, you’ve stepped into an asset class that has long been out of reach for most. The conversation around investor access is evolving, and momentum is building. More people are recognizing that private market opportunities shouldn’t be limited to the few. Venture capital is evolving, and you’ve secured your place in what’s next.

How We See the Future

Investing in Compound Influence

At The Cashmere Fund, we think about influence not as fleeting popularity, but as the power of people as tastemakers, community builders, and distribution networks. We call this “Compound Influence.”

The impact of influencers on purchasing decisions is well-documented (including in a recent Wharton study), but the go-to-market benefits are just as compelling. Scaled networks drive awareness, consideration, and user adoption—fueling real business growth. 

Brands once relied on media and advertising giants to reach audiences. Now, individuals are the platforms. The most influential figures don’t just endorse products; they own them—unlocking distribution that money can’t buy.

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From top: Alexandra Cooper’s Unwell Hydration, Seth Rogen’s Houseplant, and Emma Chamberlain’s Chamberlain Coffee (examples used for illustrative purposes only and not part of The Cashmere Fund)

The flywheel of compound influence includes:

• Founders: Through our network, we have compiled data and insights on influential rising stars, which we believe give us the greatest chances of picking the CEOs and Founders of the future.
• Backers: By bringing influential backers into the Cashmere Fund, we seek to create better visibility for our portfolio companies and in turn, potentially greater access to capital and future liquidity events.
• Companies: Our sphere of influence aims to create exclusive sales and partnership opportunities for our portfolio companies, placing them in the cultural spotlight.
• Active community of investors: By leveraging the scale of our network of investors, we’re building a pool of advocates for our brands and portfolio companies.

Investing in the Next Normal

But we don’t stop at influence. We invest in long-term behavioral shifts that are reshaping our world. This strategy isn’t about chasing hype or betting on the latest buzzword. Instead, we look at how people behave, how they interact, and how industries are evolving. 

Our portfolio companies align with emerging but proven movements—shifts in consumer habits, workplace behaviors, and societal values that aren’t going away but are only gaining strength. Think: Liquid Death riding the sober-curiosity wave and House Plant reimagining the cannabis lifestyle.* The Cashmere Fund reflects companies and founders that we believe are shaping the Next Normal.

2024 was a breakout year for many of our portfolio companies building the Next Normal, as they scaled operations, secured more capital, and launched new partnerships. 

De Soi expanded into 6,000+ retail doors, including Target and Publix, while co-founder Katy Perry continued driving national brand visibility. Mad Rabbit entered Walmart with 1,000+ new locations, projecting $20M–30M in revenue in 2024 as tattoo skincare surges. Graza introduced co-branded products with Little Spoon and Aura Bora and has recorded more than $48M in revenue in 2024.

Hone Health raised a $33M Series A (announced in January 2025), served more than 55,000 patients, and acquired ivee to integrate in-home care, while Havenly expanded its home brands portfolio with Burrow and new retail showrooms. Accredible crossed 130M+ digital credentials issued with partners like Google and MIT. The Dyrt reached 30M+ campground reviews and saw record subscription growth, while Cabinet Health exceeded $10M in revenue. These are just some of the milestones that reflect the strength of our portfolio and the momentum we’re building together.

A Reminder About Fund Valuation

Unlike traditional VC funds that adjust valuations only during funding rounds, The Cashmere Fund follows a structured, compliance-driven approach designed for long-term fairness and accuracy. This means:

• We follow Level 3 accounting standards, ensuring that valuations are compliant with SEC guidelines and independently reviewed.
• Fair Value Assessments: Companies in the portfolio are valued based on fair value principles, even if they have significantly grown revenue. For example, a company that has increased revenue 5x might still be valued in alignment with its last funding round rather than a speculative market-implied valuation. 
• Ongoing portfolio analysis to timely identify interim changes in valuation without solely relying on external funding events.

Our methodology and fair valuation process are designed to identify short-term valuation adjustments without disrupting the long-term stability of the portfolio companies. Many traditional VC funds experience a steep ‘J curve’—early losses before potential gains. By contrast, our approach provides a clearer picture of portfolio health over time.

The chart below benchmarks our performance against both the Preqin Venture Index (a widely recognized benchmark that closely tracks our asset class) and the S&P 600. These indices were selected as they provide relative comparisons for understanding how the fund has performed relative to broader market trends over time. As of the latest data available (Q3 2024), Cashmere has outpaced the Venture Index by 28.4%.

What’s Next: Expanding Access & Building Together

We’re just getting started. This year, we’re introducing new ways for investors to access our fund through fintech platforms, broadening our reach and making it even easier to be part of what we’re building. We’re actively evaluating new investments, new partnerships, and new sectors that align with our long-term vision. And as always, we remain committed to keeping our investors informed, engaged, and ahead of the curve.

As an investor in The Cashmere Fund, you’re part of something truly unique—reshaping venture capital and expanding access to an asset class once reserved for the few. Your belief in our vision fuels everything we’re building. Thank you for being part of this journey. We’re excited for what’s ahead, and we look forward to shaping the next phase of alternative investing—together.

Onward,‍

The Cashmere Fund Team

*Liquid Death and House Plant are used as examples only and are not a part of The Cashmere Fund.