Night Capital

Kevin Carter is the founder and sole decision-maker. He began his venture career at Baseline Ventures in 2008 before spending nearly a decade as a core member of SV Angel, where he helped Ron Conway build the firm's seed-stage portfolio. At Night Capital he leads a lean team that includes Colt Sauers and Susan Hyland, maintaining a single-partner investment committee model.

Carter draws on a 17-year network built across more than 1,400 investments and deep relationships with founders, operators, and co-investors. Ron Conway, Evan Spiegel, Ram Shriram, and Michelle Wilson are among the references who cite Carter's decade-plus track record of founder referrals. The firm's concentrated model means it competes on relationship depth rather than cold outreach or thematic mapping.

Night Capital operates as a private equity firm investing from institutional-style fund vehicles — it is currently deploying its fourth fund. However, its LP base includes the Conway family and a small group of strategic technology leaders rather than large institutional allocators, giving it a hybrid character that blends traditional venture firm mechanics with single-family office patience.

Night Capital is designed to lead or co-lead pre-seed and seed rounds. The firm targets a concentrated number of first-check partnerships per fund, with the flexibility to participate in follow-on rounds as companies scale. Its references from founders at Kalshi, Zip, and Underdog emphasize Carter's role as a conviction lead from the earliest stage.

Kevin Carter spent nearly ten years at SV Angel, working alongside Ron Conway to build the firm's early-stage practice. Night Capital was launched independently in 2018, with Conway's personal backing and public endorsement. The two firms are separate legal entities, but Carter's investment philosophy and network remain deeply influenced by his SV Angel tenure.

The firm does not publish a formal exclusion list. Its portfolio suggests a focus on software and technology-enabled businesses across enterprise, consumer, fintech, and frontier categories, with no disclosed investments in heavy industry, traditional energy, or life sciences therapeutics.

Carter began his career pursuing an entrepreneurial path before entering venture at Baseline Ventures in 2008. He later restored and operates the 145-year-old Imperial Hotel in Amador County, California, a real-asset project unrelated to Night Capital's investment strategy. He lives in Capitola, California and lists surfing, snowboarding, cycling, and reading as personal interests.