Gilgamesh™ / Capital
Evergreen operator-investor fund · Open for Q2 engagements
Operators before investors.
Evidence before capital.
Most VCs underwrite on potential. We underwrite on momentum we helped build. A 12-week GTM engagement, then a long hold through Series A and beyond.
Fund at a glance
v1$500K–$3M
First check
7+ yrs
Hold period
12 weeks
Operator install
Evergreen
Fund structure
The old model
Traditional VC
Write a check. Send a deck. Hope the founder figures out growth. Capital without operators is just a loan with better terms.
The Gilgamesh™ model
Operator-Investor
We run GTM first. If momentum holds, we invest. We sit at the intersection of operator and investor because that is the only position that generates evidence before risk.
We underwrite on momentum we helped build.
GTM engagement before capital deployment
Why the operator-investor
model works.
Venture capital, as a category, underwrites potential. A founder walks into a room, describes a future, and a fund prices that future against a comparable set. The capital moves before the evidence exists.
This works when capital is scarce and operators are common. That is not the market we are in. Capital is abundant. Operators who can install compounding revenue systems into an early-stage business are rare. The pricing power has moved.
Gilgamesh™ Capital is built for the market we are actually in. We lead with operators. We generate evidence. We deploy capital against live momentum, not projected momentum. The founder gets a GTM engine before they get a term sheet.
Four convictions
Capital is the cheapest part of the stack.
Money is abundant. Operators who know how to install revenue systems are not. The real bottleneck for early-stage companies is not funding. It is the knowledge of how to convert funding into compounding revenue.
Pitch decks are fiction until proven.
Projections describe what a founder hopes will happen. Live RevOps data describes what is happening. We refuse to underwrite on hope when evidence is available at the cost of three months of operator engagement.
The best diligence is execution.
A quarter of operator engagement surfaces what ten diligence calls cannot. Whether the GTM motion holds, whether the founder can lead execution, whether the market pulls back when pushed. We run that quarter before we write the check.
Evergreen is the only honest structure for this thesis.
Closed-end funds force liquidation at year 10-12, right when operator-installed engines hit their compounding curve. Gilgamesh™ Capital is built as an evergreen vehicle. We hold through Series A, B, and beyond, recycling capital as winners emerge.
We do not bet on pitches. We build the motion, measure the signal, and deploy capital against evidence we helped create.Gilgamesh™ Capital. Investment thesis, 2025
Operator-led · Evidence before capital
Eight functions.
One capital model.
Investment Thesis Design
Sector focus, stage criteria, and thesis positioning built before capital moves. We know exactly where we invest and why.
Operator-First Engagement
GTM execution comes before the term sheet. We embed operators, run the motion, and validate before deploying capital.
Due Diligence & Valuation
Three-tier valuation output: diagnostic, dynamic, and investment-grade. Live RevOps data connected to current market multiples.
Portfolio Construction
Portfolio companies share GTM intelligence and operator networks across the fund, regardless of sector. Weighting follows momentum, not category.
LP Fundraising & Reporting
Structured LP relationships with transparent reporting. Evergreen capital structure with quarterly liquidity windows and an 8% preferred return keeps LPs aligned with the long-hold thesis.
Active Portfolio Support
Post-investment operators remain embedded through Series A, B, and beyond. RevOps dashboards keep portfolio companies compounding through each round.
Co-Investment & Syndicates
Selected deals opened to co-investors and syndicates. Aligned capital stacking around the same momentum signals.
Evergreen Compounding
Capital recycles as exits happen. Winners are held through multiple rounds, proprietary portfolio data feeds the next cohort, and the fund never hits a forced liquidation clock.
12-week operator install · Then capital
Capital does not precede evidence. Every engagement follows the same sequence. No exceptions.
Operator before
investor.
Diagnose
Assess before anything moves.
Revenue flows, market position, GTM gaps, and capital readiness. A high-resolution map of the business before operators deploy.
Execute GTM
Build momentum before the check.
Fractional operators embedded. Paid motion live. Sales system installed. We run the GTM motion and generate evidence before capital moves.
Validate Signal
Evidence, not pitch.
RevOps dashboards track pipeline velocity, CAC, and conversion in real time. Investment decision based on what the data says, not what the deck claims.
Deploy Capital
Term sheet tied to momentum.
If momentum holds, we invest. Valuation connected to live RevOps data. Terms reflect demonstrated performance, not projections.
Compound Through Series A+
Hold the position. Expand with it.
The evergreen structure lets us hold and follow-on through Series A, B, and beyond. Operator relationships deepen as the engine we installed compounds, and capital recycles into the next cohort as winners emerge.
Week 1 begins with diagnosis
Sector-agnostic.
Model-specific.
We do not filter by category. Growth compounds in unexpected places. What we filter for is the fit of the operator-investor model. Whether running GTM together will surface real signal.
What we look for
- 01Any sector. B2B SaaS, DTC, mobile, deep tech, bio, hardware. Growth rarely comes from where you expect.
- 02Post-revenue teams with a repeatable motion worth scaling.
- 03Technical founder paired with a commercial lead, or hunger to build that pairing.
- 04Founders open to a 12-week operator engagement before the term sheet.
Fund mechanics
12-week GTM engagement before capital
Evidence
over projection.
−30%
CAC at deployment
+25%
Pipeline velocity
Live
Valuation model
7+ yrs
Position held
Before
After
Before → After · Operators first
Gilgamesh™ / Capital
If your GTM proves
the signal,
we move with you.
We do not invest in pitches. We invest in momentum we helped build.