Washington, D.C.: AAF Management Ltd. announced the close of its $55 million early-stage hybrid vehicle, The Axis Fund, aimed at investing in emerging fund managers and their portfolio companies from Pre-Seed to Pre-IPO stages.
This milestone marks the firm’s fourth fund vintage, elevating its total assets under management (AUM) to $250 million.
Since its inception in 2016, AAF Management has made 138 direct investments and supported 39 emerging managers across 43 fund vintages.
Its portfolio includes five unicorns – Jasper, Current, Flutterwave, Drata, and Hello Heart – and 20 successful exits such as TruOptik, MoneyLion, Prodigy, and BetterView, together representing an enterprise value of $2 billion.
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AAF Management Expands Portfolio Through The Axis Fund
The Axis Fund is supported by anchor investor Mubadala Capital, alongside family offices from the U.S., Europe, and MENA regions, general partners from top U.S. asset managers, a major U.S. venture capital firm, and a publicly listed company.
AAF Management’s Axis Fund employs a distinctive data licensing strategy that leverages Limited Partner (LP) investments in emerging managers to access exclusive private market information. This proprietary approach provides insights unavailable through public platforms like Crunchbase or CB Insights.
The Axis Fund has already deployed capital across 25 Pre-Seed and Seed funds and five direct investments in early-stage and growth-stage startups. These managers collectively track approximately 800 venture-backed companies founded between 2021 and 2025.
Data-Driven Investment Strategy by AAF Management
General Partner and Managing Director Kyle Hendrick stated, “Over the past decade, we’ve found that the richest dataset of early-stage private companies is accessible through LP checks in emerging managers. The Axis Fund integrates our fund-of-funds and Seed-stage investing experience to deliver optimal risk-adjusted returns.”
General Partner and Managing Director Omar Darwazah added, “Our dual investment model offers LPs both a beta product – via diversified exposure to emerging managers – and an alpha product – through selective company investments. This enhances our ability to identify high-potential startups early and maximize long-term value creation.”
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Industry Voices on AAF Management’s Partnership Approach
Suzanne Fletcher, Founder and General Partner of Zelda Ventures, remarked, “AAF Management has been an outstanding partner – supporting us from our first fund and actively co-investing in key opportunities. Their commitment to building enduring relationships sets them apart.”
Zaid Rahman, Founder and CEO of Flex, commented, “AAF Management began engaging with us well before investing. They have since participated in every funding round, bringing both capital and deep business development support through their extensive LP network across the MENA region.”
AAF Management’s Track Record and Fund Performance
Previously, AAF Management raised a $25 million Fund I (2017), a $39 million Fund II (2021), and a $32 million fund-of-funds vehicle for select LPs. Through its combined platforms, the firm maintains exposure to over 5% of the world’s private market unicorns.
AAF’s prior fund vintages rank within the top decile for Net TVPI based on benchmarks from Cambridge Associates and Carta’s Venture Capital data.
