Alpha Sigma Capital

Enzo Villani serves as CEO and Chief Investment Officer of Alpha Sigma Capital. Before launching the fund, he was a Managing Director at Nasdaq, where he worked on exchange technology and market infrastructure. He also held leadership roles at Raging Bull, an early online financial community. His background is rooted in public market structure rather than pure venture capital.

The firm was established with a quarterly redemption structure typical of a hedge fund, not the 7-10 year lock-ups associated with crypto venture capital. This liquid structure aims to provide institutional-quality active management in token markets. The quarterly liquidity terms means investor capital is not subject to prolonged, illiquid capital calls on the standard VC cycle.

Alpha Sigma Capital's stated mandate centers on active management and fundamental analysis within the liquid digital asset space. The firm deploys across layer-1 protocols, DeFi applications, and selected equity positions in crypto infrastructure. Its approach often involves reviewing tokenomics and protocol revenue models before deploying capital.

The firm primarily operates as a liquid token fund manager but has been known to participate in late-stage equity rounds of notable blockchain infrastructure companies. However, the core strategy is liquid-token active management, not private equity-style venture investing. The equity allocation is generally ancillary to the liquid fund's strategy.

The firm is led by CEO and CIO Enzo Villani, previously of Nasdaq, and General Partner Michael Onghai, a serial technology entrepreneur. Onghai brings deep operational tech experience from building and exiting consumer software businesses. This dual-principal structure combines public-market trading infrastructure knowledge with direct startup scaling experience.