FUND I

Capital for real businesses building in the long wave

Technological waves do not unfold on venture timelines. The companies that define each era, the ones that still exist decades later, require capital patient enough to let the science mature, the infrastructure harden, and the market arrive on its own terms. Fund I is a thesis-driven vehicle for the sixth wave, structured around the Safer instrument and designed to generate returns during the build phase rather than concentrating everything at exit.

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THE THESIS AT WORK

Long waves reward positioning at inflection points

Every major technological wave follows the same pattern: a long emergence phase, an inflection point where deployment accelerates, then decades of value creation as infrastructure matures.

The greatest returns in every wave accrued to investors who positioned at the inflection point and held through the build phase rather than exiting at the first mark-up. Steam, rail, electricity, mass production, digital computing. Each followed the S curve, and each generated more wealth than the one before it.

We believe the sixth wave has reached that inflection point. Autonomous systems, edge intelligence, machine-to-machine commerce. The enabling technologies have matured, deployment has begun, and the infrastructure buildout will take years. But traditional venture funds operate on fixed lifecycles that force exits before deep technology companies reach maturity. The best companies get sold before they reach their potential.

Fund I exists because we believe the sixth wave demands capital that matches the curve.
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We do not source deals. We build them.

The fundamental challenge in early-stage investing is adverse selection. The best opportunities attract competition, compress returns, and often end up overpriced before the first check clears.

Fund I invests primarily in companies built through the Next Wave venture studio. These are not deals found through competitive processes or platform auctions. They are companies formed from thesis-driven conviction: structured from cross-border technology licenses, spun out to pursue portfolio alignment, or built from the ground up with embedded operational leadership from day one.

A NEW RETURNS MODEL

Venture capital was designed for software. We rebuilt it for the physical world.

The Safer instrument (Simple Agreement for Future Equity with Repurchase) was purpose-built for companies whose development timelines don't fit inside a traditional fund lifecycle.

The Safer creates two return engines instead of one binary bet. The first generates returns during the build phase through revenue-based distributions: as portfolio companies generate revenue, a percentage flows back to investors as contractual cash payments independent of any exit event. The second preserves full equity upside. After repurchase obligations are met, remaining equity participates in liquidity events at market terms. The tail that makes early-stage investing compelling stays fully intact.

THE TEAM

We build alongside founders and invest alongside LPs

Our leadership team has a combined 115+ years building, scaling, and exiting technology companies. Backgrounds span company formation, repeat founding, M&A advisory, and fund management.
John Cowan w new Bgd 2

John Cowan

General Partner

25+ years of leading early-stage companies as a founder and CEO. Expert venture architect and capital strategist. Bestselling author of Venture Capital 2.0.
James Thomason w new Bgd 2

James Thomason

General Partner

25+ years in Silicon Valley startups. Repeat founder & CTO with multiple exits. 14 granted patents. Former engineering leader at Exodus, Netli, Netscaler.
Ben Buettell w new Bgd 2

Ben Buettell

Venture Partner

35+ years M&A advisory with early-stage technology investing. Former MD at Houlihan Lokey. Multiple board seats in fintech, software, and hardware.
Bill Starr w new Bgd 2

Bill Starr

CFO

30+ years across public accounting, global investment banking, and fund management. Qualified CPA with deep early-stage and capital-raising expertise.

NEXT STEPS

Invest in Fund I

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Get together with John and James to talk about the future of venture investing.

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Important Disclosure: This page is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer may only be made by means of definitive offering documents, and only to investors who meet applicable eligibility requirements.

Next Wave Capital Fund I is offered only to accredited investors as defined under Rule 501 of Regulation D. All investors must complete accreditation verification prior to investment.

The securities may be sold only to accredited investors, which for natural persons are investors who meet certain minimum annual income or net worth thresholds. The securities are being offered in reliance on an exemption from the registration requirements of the Securities Act and are not required to comply with specific disclosure requirements that apply to registration under the Securities Act. The SEC has not passed upon the merits of or given its approval to the securities, the terms of the offering, or the accuracy or completeness of any offering materials. The securities are subject to legal restrictions on transfer and resale, and investors should not assume they will be able to resell their securities. Investing in securities involves risk, and investors should be able to bear the loss of their investment. The securities offered are not subject to the protections of the Investment Company Act of 1940.

Investments in private securities are speculative, illiquid, and involve a high degree of risk, including the possible loss of the entire investment. Past performance is not indicative of future results. Forward-looking statements are based on assumptions and models; actual results may differ materially.

Next Wave Capital Management, LLC ("NWCM") is registered with the U.S. Securities and Exchange Commission (SEC) as an Exempt Reporting Adviser (ERA) under the Investment Advisers Act of 1940. NWCM is not a broker-dealer, underwriter, or FINRA member, and does not receive transaction-based or success-based compensation for securities offerings. All investors are encouraged to perform independent due diligence and consult their own legal, tax, and financial advisors before investing.