20.
EST. 2011 — LOADING
N° 001 — A Platform For Founders Twenty
Capital Partners
20.
A venture studio, private equity firm, and early-stage fund — operating as one platform for the companies defining what comes next.
We partner with operators,
build with conviction,
and hold for the long view.
Scroll
Lumen OSMeridian ClimateAxion LabsOrbit HealthCascadeHelios GroupPascalSilverpeakQuireVoltage
Lumen OSMeridian ClimateAxion LabsOrbit HealthCascadeHelios GroupPascalSilverpeakQuireVoltage
§ 01 — Thesis What we believe.

The next generation of category-defining companies won't be built alone. They'll be built with partners who've operated, scaled, exited — and done it again. We bring capital, craft, and conviction to the table, and we stay.

§ 02 — Practice

Three disciplines,
one platform.

01 / Studio

Venture
Studio

We conceive, co-found, and operate companies from the ground up — incubating the ideas we wish existed.

  • Company Formation
  • Founding Team Assembly
  • GTM & Product Design
  • Up to $5M Initial Check
02 / Private Equity

Private
Equity

We acquire and operate profitable companies at growth inflection points — building enduring businesses over decades, not quarters.

  • Control Acquisitions
  • Software & Industrial Tech
  • $20M–$200M EBITDA
  • Long-Duration Capital
03 / Venture Capital

Venture
Capital

We lead and co-lead rounds in exceptional early-stage teams — backing conviction with patient, founder-aligned capital.

  • Seed through Series B
  • $500K–$15M Checks
  • Board or Observer Seats
  • Operator Network Access
§ 03 — Portfolio

Companies we've built,
backed, and believed in.

87 Active Companies
23 Realized Exits
14 Industries
Studio'22

Lumen OS

Infrastructure Software
Series B · Lead
Venture'21

Meridian

Climate Fintech
Series A · Co-Lead
Venture'23

Axion Labs

Applied AI
Seed · Lead
PE'19

Helios Group

Industrial Automation
Control · $180M
Studio'20

Orbit Health

Clinical Operations
Series C · Founding
Venture'22

Cascade

Developer Tools
Series A · Lead
PE'18

Silverpeak

Vertical SaaS
Control · $95M
Venture'24

Pascal

Data Infrastructure
Seed · Lead
Studio'24

Voltage

Energy Markets
Pre-Seed · Founding
§ 04 — By the numbers

A decade-and-a-half of compounding.

$0B
Assets Under Management
0
Portfolio Companies
0
Realized Exits
0
Year Founded
§ 05 — Approach

How we show up for the long work of building.

Step 01 — Source

Conviction
over consensus.

We develop independent theses across technology and industry, and we back them early — before the trend becomes obvious. Our best investments are often the ones that felt contrarian at the time.

Step 02 — Build

Hands
in the work.

We're operators first. We embed with founders on the questions that actually matter — hiring senior talent, pricing, go-to-market motion, board composition, capital strategy. Not in the way. Not far away.

Step 03 — Scale

Patience
as strategy.

Our capital base allows us to hold across cycles. We don't sell because the clock tells us to. We exit when the company is ready — and sometimes we hold forever.

§ 06 — Writing

Letters & essays.

All Writing
Memo — 04.20268 min

The return of the operator-investor, and why it changes everything.

A generation of founder-operators is now deploying capital. What happens when the people writing the checks have actually built the company?

E. Marchetti
Essay — 02.202612 min

Why long-duration capital wins the next decade.

Ten-year funds built a generation of companies. The next one will be built by capital that can hold for twenty.

J. Kim
Field Note — 01.20266 min

Notes on building a studio inside a fund.

The venture-studio model is misunderstood. It is not an accelerator, it is not an incubator. It is a different instrument entirely.

T. Nakamura
§ 07 — Team

Operators turned investors,
investors turned operators.

Elena Marchetti

Founding Partner

Previously founded & exited two software companies. 22 years across ops & investing.

Jonas Kim

Managing Partner, VC

Former early engineer at two category-defining companies. Seed through Series B.

Priya Raghavan

Managing Partner, PE

15 years in buyout & growth equity. Former operating CEO of two portfolio companies.

Thomas Nakamura

Head of Studio

Co-founder of three companies across SaaS, climate, and health. Serial builder.

Yasmin El-Sayed

Partner

Infrastructure & dev-tools specialist. Previously engineering leader at two unicorns.

§ 08 — Get in touch

If you're building something ambitious,
we should talk.