Allegory Capital

The 2032 Vision Fund is a CHF 60M evergreen vehicle raised by Allegory Capital, per the firm's own disclosures on its website. Unlike a traditional closed-end venture fund, an evergreen structure gives the manager permanent capital and allows continuous capital calls and recycling. The fund targets tech startups disrupting regulated industries from seed through Series A.

Allegory Capital defines its universe as industries where government oversight shapes the speed and form of product adoption. Its three sector tags are Digital Health, FinTech, and ClimateTech. The firm's thesis holds that startups able to navigate regulation — healthcare compliance, financial licensing, climate policy — can build moats that lighter-weight competitors cannot replicate.

The firm uses both direct equity rounds and special-purpose vehicles. A review on the firm's website from a partner at Supernode Ventures singles out Allegory's 'SPV model' as giving LPs control over portfolio construction. The firm does not publicly disclose a fund-of-funds allocation.

Allegory Capital designs and manages custom venture investment programs for large corporates that want exposure to startups inside regulated sectors. The service is described as highly customizable and gives the firm an additional origination channel — its corporate partners can surface deal flow that Allegory's direct fund may also evaluate.

The firm lists a partner heading Strategy & Investing, a partner for Limited Partnerships, a partner for Fintech Investments, and a General Partner — all without publicly naming the individuals on its website. No external publication has independently identified the investment committee or decision-making process as of mid-2026.

The firm invests across Europe, North America, and Switzerland. It maintains a headquarters in Gland, Switzerland and a US office at 14 Wall Street in New York. This dual presence supports its claim of operating through partners worldwide to help portfolio companies expand across borders.

Allegory Capital began in 2017 as a deal club — a group of entrepreneurs pooling capital to invest together. It later formalized into a structured asset manager, raising an evergreen fund that now accepts institutional and entrepreneurial LPs. The firm describes its core as entrepreneurs investing alongside other entrepreneurs.