Next Act Fund

Founder and President Yvonne Campos leads the firm, but Next Act Fund operates as a membership-based angel network rather than a traditional top-down asset manager. Members — individual women investors — collectively participate in deal screening and selection, giving them a direct role in the decisions. The firm does not disclose a separate CIO or investment committee beyond Campos and the member base.

Campos's longstanding ties to the Pittsburgh entrepreneurial ecosystem, including her dual chapter presidencies for the Women President's Organization, provide local top-of-funnel. The firm also draws from co-investor pipelines at BlueTree Allied Angels, 412 Venture Fund, and First Check Fund — networks where Campos and her business partners Ilana Diamond and Lynn-Ann Gries are active. Additionally, fund commitments to Portfolia's thematic vehicles give the group exposure to nationally sourced, women-led deal flow without running a proprietary origination engine.

Neither. Next Act Fund is an angel investment network structured as a pooled investment vehicle that writes direct checks and makes LP commitments into early-stage funds. It most closely resembles a member-managed angel club, not a discretionary venture firm or a family office. Members contribute capital and participate in deal evaluation, which distinguishes it from a blind-pool venture fund.

Both. Its portfolio page lists direct stakes in companies like Everlywell, Maven Clinic, and Gridwise, alongside LP positions across five BlueTree Allied Angels Enova funds and four Portfolia thematic funds. The fund commitments serve as a diversification layer that gives members exposure to a broader set of women-led companies than the direct-deal pipeline alone could sustain.

The firm's membership roster and public business-partner listings indicate a collaborative co-investment posture. Next Act Fund frequently co-invests alongside BlueTree Allied Angels, a Pittsburgh-based angel group, and maintains operational overlap with 412 Venture Fund and First Check Fund — where Ilana Diamond and Lynn-Ann Gries, respectively, are managing partners. This suggests a network-driven, syndicate-friendly approach rather than a proprietary-deal mandate.

Next Act Fund does not publish an explicit avoid list, but its generalist mandate and actual portfolio point toward a pragmatic avoidance of capital-intensive deep-tech hardware, heavy industrials, and life-sciences therapeutics outside of digital health. The portfolio clusters in enterprise software, digital health, consumer products, and femtech — asset-light, commercially proven models that suit angel-scale checks and a member-driven decision process.

As of the most recent public update on the firm's website, Next Act Fund is not accepting new funding applications. It states that capital for new and follow-on investments has been fully deployed. Whether the firm plans a subsequent fund or vehicle has not been publicly disclosed.