TDF Capital

Adam Struck, the firm's founder and managing partner, is the central investment decision-maker. TDF operates without a large partnership committee layer — Struck sources, underwrites, and approves both private and public positions. The concentrated portfolio reflects a single-threaded conviction model rather than a vote-by-committee structure.

TDF runs two books in parallel: a private portfolio of roughly 15–20 pre-seed and seed-stage companies, and a concentrated long-only public-equity portfolio focused on software companies. The public book is not a hedge — it is an alpha-seeking pool that also functions as a liquidity sleeve to fund follow-on investments in private portfolio companies without requiring additional LP capital calls.

TDF targets pre-seed and seed rounds, typically entering as the first institutional check. The firm concentrates on technical founders building at the application layer of enterprise software, with a preference for narrow, deep problems rather than broad horizontal platforms at the point of entry.

No. TDF operates with permanent, evergreen capital rather than a vintage-constrained closed-end fund structure. This means the firm is not subject to fixed deployment clocks or forced distributions. The model is closer to an investment partnership or outsourced CIO for technology-focused family offices than to a conventional venture capital firm.

TDF Capital has not publicly disclosed its full LP base, but the firm's investor composition has historically included family offices and technology operators. The permanent-capital structure tends to attract LPs who value the liquidity profile and alignment of evergreen vehicles over the traditional venture capital lock-up model.

TDF's investment activity has concentrated on enterprise software, developer tooling, API infrastructure, vertical SaaS, and the crypto-native financial stack. The firm has not publicly signaled broad diversification into hard-tech, life sciences, or consumer. The dual-structure model is designed around high-conviction software positions that work in both private and public markets.

Because TDF operates on permanent capital, it is not forced to distribute private shares to LPs on a fixed schedule. The firm can hold positions through IPOs and beyond, choosing to sell — or add to public-market equivalents — when it believes the risk-reward warrants it. This avoids the structural problem of traditional venture funds distributing in-kind stock at liquidity events when selling pressure is highest.