Owned, not rented.
Lyrik's second fund takes equity in the companies building the technology beneath AI agents and real-world assets on-chain — where value accrues to ownership and revenue, not to the tokens that trade on top.
Fund II — in formation
Lyrik VC II LP is not yet established; Laven Advisors LLP is not yet appointed as its manager, and the general partner is not yet appointed. The information on this page describes a proposed fund, is for discussion purposes only, and may change. Nothing on this page is an offer of, or an invitation to invest in, any fund. Past performance is not a reliable indicator of future performance.
Owned, not rented.
The market is buying the coupon. We buy the issuer and the rail.
Capital is rushing into the on-chain economy through its wrappers — tokens that trade on a narrative, and the coupon products (tokenised treasuries, money-market and yield wrappers) that repackage familiar returns on-chain.
We think the durable value sits elsewhere: in the companies that build the infrastructure this economy runs on — the issuers and the rails — whose value accrues to ownership and revenue. Owned, not rented.
Concretely, we invest where AI agents and real-world assets come on-chain and need real infrastructure to do it: settlement and custody, asset distribution, agentic payments, and the privacy and risk layers beneath them.
And we hold one line on instruments: we don't ask a founder to issue a token to manufacture a return. We underwrite the business, and let the right instrument follow the company.
Three places we concentrate.
Fund II concentrates on three areas, illustrative not exhaustive. In each, we back the company whose value compounds in equity and revenue, not the token or coupon that trades on it. The first is early, and we size it that way.
Value transfer for machines
The rails that let AI agents hold, move and settle value — as economic actors in their own right.
Real-world assets & stablecoins
The issuers and the rails bringing real-world assets and stablecoins on-chain in institutional form — not the coupon that trades on them.
The infrastructure underneath
Settlement, custody, privacy and risk — the open, neutral layer everything above depends on.
Backed the rails before they had a name; now we invest in what runs on them. Fund I took positions across this infrastructure before the economy had a name. See the Fund I portfolio →
Discipline, not coverage.
Equity-led
We underwrite the business first — its customers, its revenue, its claim on real value. The wrapper it trades in, token or equity, is incidental: we back the claim, not the form.
Concentrated by conviction
A small book we back early and know deeply — the speed and focus a small fund brings. Conviction over coverage.
Built by an operator
Led by Rune Bentien — an operator and investor early to the intersection of digital assets and AI. We read the architecture and the business model in the same room.
See the full fund.
You've read the thesis. The fund detail — terms, track record and fund documents — is shared with professional clients and eligible counterparties on request. Tell us who you are and we'll be in touch about access.
No anti-money-laundering checks or subscription at this stage — that comes only if and when you decide to invest.