2025 Annual Letter: Technology is the Cake, Geopolitics is the Icing

Welcome to Interconnected Capital’s 2025 annual letter.

To new and old readers alike, a friendly reminder: I run a global technology long-only fund focused on investing in both the hardware and software “picks and shovels” of the interconnected global digital AI economy. I draw on my technology business operator’s experience and geopolitical antennas to bring an edge to how I assess a tech company’s rhythm and prospects in a constantly changing world.

As always, first the numbers, then the reflection.

[1] My past experiences include: senior leadership position at GitHub (the world’s largest developer and open source technology platform, now owned by Microsoft), a unicorn database startup, early stage VC, and the White House and Department of Commerce during the Obama administration. I studied law and computer science at Stanford; international relations at Brown.

[2] Includes October 1 - December 31, 2025 gross returns. Unaudited.

[3] Includes January 1 - December 31, 2025 gross returns. Unaudited.

Fund Business Update

I will open this annual letter by providing a business update of the fund. For me to deliver on my ambitious goal of achieving 30% per annum return for 30 years (30 for 30), running a healthy sustainable business is perhaps more important than seeing the right technology trend or picking the right company to invest in at any given moment. It is all about “time in the market”, not “timing the market”.

I will not be able to disclose a specific AUM number because that is proprietary information for our LPs. What I can share is that we had a solid year of organic fundraising, where we added 18 outside investors to the Interconnected family. Furthermore, only a little more than half of our AUM at the end of 2025 is from funds raised, so a good chunk is from unrealized, untaxed performance gains! That is exactly how I like it, as my aim is to compound for the long-term, not to gather assets to live on fees.

I have also decided to close the fund to more outside investors, with two exceptions: 1) strong referrals from our current investors; 2) additional funds from current investors. I made the decision because I’m quite happy with how fundraising has worked out from individual investors, and I don’t want to add too much overhead by managing more investor relations than I can handle. I will be forever grateful for the “founding 18”,