VL Fund is a highly concentrated, AI-focused venture capital firm founded by Victor Lazarte, a former general partner at Benchmark and co-founder of Wildlife Studios. Based in Atherton, California, the firm was launched to back a small number of generational companies at the earliest inflection points of artificial intelligence and frontier software. Lazarte brings a rare combination of operating experience and top-tier investing credentials, including leading standout Series A rounds in Mercor, Decart, and HeyGen, all of which have gone on to become high-growth category leaders.
VL Fund focuses on world-class founders building category-defining AI, generative AI, and frontier deep-tech companies. With a deliberate emphasis on extreme concentration, Lazarte aims to invest deeply in a limited number of high-conviction opportunities where technical complexity, market timing, and founder quality align to create outlier outcomes.
VL Fund closed approximately $200 million for its debut fund in 2025, surpassing its $180 million target and approaching its hard cap of $215 million. The raise occurred during one of the toughest markets in a decade for first-time managers, yet demand significantly exceeded capacity, driven by strong LP confidence in Lazarte’s AI investment track record. Notable LPs include Henrique Dubugras, co-founder and chairman of Brex, who described his commitment as one of his largest personal investments.
The fund is structured around Lazarte’s concentrated strategy: he told LPs he plans to back as few as 10 companies, writing checks of up to $40 million into core positions.
This level of concentration is rare among funds of similar size; most U.S. funds in the $100–$200 million range typically back 20–30 companies. Lazarte’s approach reflects his conviction that generative AI, AI agents, and AI-native infrastructure will produce a small number of extraordinarily large winners.
The strategy aligns with his history at Benchmark, where he led Series A rounds for Mercor (recently valued at $10 billion), Decart (valued at $3.1 billion), and HeyGen.
These track records positioned him as one of the most credible early-stage AI investors leaving a marquee firm to launch an independent practice. VL Fund Management, the entity operating the fund, is headquartered in Atherton, California.
Leadership
VL Fund is led by solo general partner Victor Lazarte. Prior to launching the firm, he served as a general partner at Benchmark and was co-founder and CEO of Wildlife Studios, one of the world’s largest mobile gaming companies. Lazarte has also served for years as an independent board member at Brex, supporting its growth from early-stage startup to global fintech leader.
Investment Strategy
VL Fund employs an ultra-concentrated, high-conviction strategy, investing meaningfully in a small number of AI-native companies. The firm targets founders building fundamental AI infrastructure, next-generation generative applications, and technically ambitious models or systems with the potential to reshape entire industries. Lazarte’s approach prioritizes deep company-building engagement over portfolio breadth. He seeks opportunities where large early checks can accelerate technical execution, model training, distribution, and early customer acquisition. The strategy mirrors Lazarte’s Benchmark tenure, where he backed transformative AI companies at Series A and helped them scale into multi-billion-dollar enterprises.
Notable Investments
VL Fund is a debut vehicle, but Victor Lazarte’s prior investments include leading Series A rounds for:
He has long served as an independent board member at Brex, where he played a critical role in scaling the company alongside its founders.
Notable Exits
Lazarte’s track record includes material value creation at Benchmark-backed companies and operating success as co-founder and CEO of Wildlife Studios.
Other
VL Fund launches at a time when few new funds are able to raise capital; only 68 debut funds were raised in the first three quarters of 2025 in the U.S., the slowest pace in a decade. Despite this, VL Fund attracted outsized interest due to Lazarte’s AI reputation and his history of backing generational founders. The firm’s highly concentrated structure means founders receive deep partnership, operational support, and board-level commitment. VL Fund aims to be one of the most aggressive early-stage backers of AI-native companies raising large Series A rounds.
Victor Lazarte – Founder & General Partner
United States
