AAF Management is a Washington, D.C.–based venture capital firm founded in 2016 that operates at the intersection of fund-of-funds investing and direct venture investment. The firm backs emerging fund managers and high-growth startups, providing access to early-stage opportunities typically unavailable to traditional institutional investors. AAF’s data-driven approach and cross-fund relationships enable it to identify breakout companies early and support them through multiple stages of growth.
AAF invests in both emerging venture funds (Funds I and II) and their most promising portfolio companies across technology, fintech, healthcare, and AI.
The firm’s hybrid model allows it to participate in early-stage innovation through limited partner (LP) commitments while directly co-investing in top-performing startups identified through its fund network.
Its investments span Pre-Seed to Pre-IPO, emphasizing technology-enabled businesses positioned for scalability.
In October 2025, AAF announced the close of The Axis Fund, a $55 million early-stage hybrid vehicle. This fourth vintage brings the firm’s total assets under management to $250 million.
The Axis Fund invests in emerging fund managers and directly into early-stage startups, combining AAF’s fund-of-funds expertise with its direct investing experience under one umbrella.
The fund’s anchor investors include Mubadala Capital, several U.S. and international family offices, GPs from leading asset management firms, a multi-billion-dollar U.S. venture capital fund, and a publicly traded company.
The Axis Fund has already invested in 25 Pre-Seed and Seed funds and made 5 direct investments in early-stage and early-growth companies.
Through its underlying manager network, AAF now maintains coverage of roughly 800 venture-backed companies formed between 2021 and 2025.
This dual approach provides AAF with proprietary access to gated private market data, offering insight and deal flow unavailable through public databases.
Leadership
AAF is led by General Partners and Managing Directors Kyle Hendrick and Omar Darwazah. Both bring a decade of experience in early-stage investing and fund management. Their combined expertise in venture capital, private equity, and data analytics underpins AAF’s differentiated hybrid model, which blends index-style exposure to early-stage funds with targeted direct investments in standout startups.
Investment Strategy
AAF employs a two-pronged strategy that merges a diversified fund-of-funds model with active direct investing. By taking LP positions in emerging managers, the firm gains privileged access to proprietary datasets and early deal flow, while its direct investments allow it to concentrate capital into high-conviction opportunities.
This hybrid approach offers LPs both broad beta exposure to the early-stage market and alpha potential through selective direct bets. AAF aims to identify fund-returning companies with the potential for 10x or higher cash-on-cash outcomes.
Notable Investments
Across its four funds, AAF has backed more than 130 startups and 39 emerging managers.
Notable portfolio companies include:
Notable Exits
AAF’s exits include:
Together, these exits have contributed to a strong realized return profile for the firm’s earlier vintages.
Other
AAF’s hybrid investment structure enables LPs to capture the benefits of both diversified fund exposure and high-upside direct investments. Its proprietary data access, sourced through its network of emerging managers, provides an analytical edge in identifying top-performing founders early.
Kyle Hendrick - Founder, Managing Director & General Partner
Omar Darwazah - Managing Director, General Partner & CFO
