Recast Capital

Co-Founders and Managing Partners Courtney McCrea and Sara Zulkosky jointly lead all investment decisions. McCrea previously spent a decade at Weathergage Capital managing commitments to 100 funds and seven direct co-investments, while Zulkosky served as a Venture Partner at Greenspring Associates, where she chaired the early-stage venture fund evaluation committee. Both are Kauffman Fellows, McCrea from Class 3 and Zulkosky from Class 23.

The firm sources almost entirely within the emerging-manager ecosystem through continuous engagement with first-time and second-time venture fund founders. Its Enablement and Accelerate programs create a proprietary pipeline by operating manager cohorts that include 24–30 teams annually, giving Recast visibility into investment process, team dynamics, and strategy construction long before a formal fundraise.

Recast primarily makes fund commitments and does not market a direct-investment or co-investment vehicle today. However, both founders have extensive direct-investing backgrounds — McCrea ran the co-investment program at Weathergage, and Zulkosky managed direct and secondary investments at Greenspring — so the firm retains the capability if its LP base requires it.

Recast's Accelerate and Enablement programs are non-transactional — participation does not guarantee a capital commitment. The programs operate as a shared-services layer that offers emerging managers operational guidance, peer community, and LP introductions. This separation allows Recast to support far more managers than it can fund, and the team uses insights from program engagement to sharpen its formal investment underwriting.

No. The firm states it is 'returns first' and evaluates all emerging managers within its strategy bands regardless of thematic label. It explicitly notes that managers with diverse lived experiences can possess a market advantage, but its investment committee does not screen on any single DEI metric. Underlying portfolios reflect the composition of the broader emerging-manager market, which tends to be more gender- and race-diverse than the top-decile established-firm tier.

Recast focuses on US-based venture managers raising institutional Funds I, II, or III. While the firm has not publicly disclosed a hard ceiling, its structural niche — emerging managers before they become access-constrained — implies most underlying commitments fall in the micro-VC to lower-mid-market range, roughly $15 million to $100 million per fund. The firm aims to invest early and lead, rather than follow later-stage re-ups.

The Enablement and Accelerate programs are walled off from the investment committee's decision-making process. Program participants are evaluated by a separate team led by a Director of Programming; capital allocation remains with McCrea and Zulkosky. Recast's website states the programs are built 'to support more emerging managers' broadly, while the fund-of-funds vehicle is reserved for an LP base with a strict return mandate.