NXT Ventures

Managing Directors Raymond Chang and Barry Turkanis lead all investment decisions. Chang contributes operating and entrepreneurial expertise from founding and selling companies in Asia, while Turkanis brings institutional allocation and risk-management experience from his tenure as co-head of mortgage sales and trading at Goldman Sachs. The team also includes CFO Kacey Muldoon and Senior Associate Jared Jaffe, who support due diligence and portfolio management.

The firm sources primarily through the personal networks of its managing directors, with particular strength in the Boston-area angel ecosystem and Asian cross-border corridors. Chang's affiliations with Yale, Babson, the Young President's Organization, and Boston Hub Angel provide academic and entrepreneurial deal flow. Turkanis's Goldman Sachs alumni network and his real estate and alternative-asset relationships supply additional inbound opportunities.

NXT Ventures explicitly describes its strategy as using both direct and co-investment strategies. This typically means leading or participating directly in pre-seed and seed rounds while also co-investing alongside other angel groups or venture funds. There is no indication the firm commits to third-party funds as a limited partner.

The firm targets the very earliest stages — typical startup and seed investments meant to fund initial product development and market entry. The stated investment horizon for any portfolio company is five to seven years, consistent with holding from pre-revenue through expansion stages until a later liquidity event.

Managing Director Barry Turkanis co-founded Ocean Gate Capital Management in 2004 and remains a principal, while CFO Kacey Muldoon concurrently serves as CFO of Ocean Gate. The relationship creates an affiliated structure where NXT's early-stage venture activities sit alongside Ocean Gate's broader alternative-asset management, but NXT operates as a distinct angel investment fund with its own portfolio and co-investors.

The firm does not operate a formal philanthropic arm. However, Raymond Chang's role as an Adjunct Professor at Yale and Babson, and Barry Turkanis's service on charitable boards in the Boston area, embed the firm's principals in academic and nonprofit networks that frequently intersect with the deal flow and advisory relationships of the firm.

Cross-border expansion, particularly into Asian markets, is an explicit part of the firm's value proposition. NXT states it helps portfolio companies explore synergies in manufacturing, distribution, and strategic partnerships across Asia. This is a direct extension of Raymond Chang's operating history building and selling companies in Greater China, and it represents a deliberate strategic thesis rather than passive support.