The Colibrí Strategies
Allocator
A curated co-investment program built around emerging venture capital managers and the allocators who want to back them.
Allocator organizes investment vehicles that allow our LPs to participate in funds we have independently diligenced. Each vehicle is reviewed on its own terms, every investment is grounded in the same research that informs our advisory work, and the structure is intentionally different from the committed-pool model that most LPs are familiar with.
Our research at the Colibrí Institute shows that emerging venture capital managers outperform established peers by an average of 7.2 percentage points of IRR, with the strongest returns concentrated among managers who practice disciplined portfolio configuration. Allocator was built so we could put that research into practice alongside the allocators we work with.
How Allocator works.
What It Is
Curated single-purpose vehicles
We organize standalone SPVs, each one wrapping a single commitment into a single emerging manager fund. Each vehicle is a separate Delaware LLC, managed by Colibrí Strategies and administered on an investment platform. Our LPs choose to participate in one deal at a time, so there is no committed pool and no blind allocation.
What It Is
Two sides of the same program
Allocator is built for two audiences who benefit from the same underlying work. On one side are the limited partners building structured exposure to emerging managers. On the other are the emerging managers who want long-term LP relationships rooted in a shared understanding of how their funds generate returns.
Pace
A rolling program
Applications from both sides are reviewed as they arrive. We aim for around four Allocator SPVs per year, which lets us go deep on each one. We would rather do a small number of deals well than build a pipeline for its own sake.