Innovative SPVs Driving the Next Chapter of Archipelago VC and Bali Investment Club
Archipelago VC and Bali Investment Club worked with Auptimate to launch their Multi-Asset Syndicate, backing Indonesia’s largest early-stage impact fund.
Raising a first venture fund is no small feat. It can be a marathon that tests patience, grit, and innovation. That’s the reality Nicolo Castiglione, who leads Bali Investment Club (BIC), Archipelago VC (AVC), and Angels & Founders, shared in his recent reflections on the uphill climb of fundraising in emerging markets.
As he stated in a LinkedIn post, “Raising a first-time fund is the toughest marathon you’ll ever run!” Traditional fund economics demand scale before sustainability, yet institutional impact capital tends to flow to established names.
Faced with the harsh economics of first-time funds, Nicolo and his teams turned to Auptimate’s Multi-Asset Syndicate, a smarter, leaner way for investors to back impact-driven ventures while empowering fund managers to scale with flexibility.
The result? A flexible way for investors to back multiple opportunities under one structure, while lowering costs, streamlining compliance, and scaling impact.
The Tough Reality of Raising a First-Time Fund
Launching a venture fund sounds exciting, but the reality is far from easy. First-time managers face uphill battles due to limited investor trust. LPs (Limited Partners) want a proven track record, institutional-grade infrastructure, and a crystal-clear strategy before they even consider wiring money.
For fund managers launching their first vehicle, the biggest roadblock isn’t investor enthusiasm; it’s economics. As Nicolo explained, “For first-time managers (even after 4 years actively investing with BIC), the core challenge of raising a fund isn’t LP ‘expectations’ but unit economics: a licensed VC typically only breaks even at ~US$10m AUM. Below that, the model is loss-making for the manager.”
To unlock sustainability, managers need an anchor ticket of around US$6m+ to hit a first close and convert additional LP commitments. The catch? “After more than a year of raising, institutional impact capital remains limited and tends to flow to already established managers. That’s the real chicken-and-egg,” Castiglione noted.
For BIC and AVC, this was the moment to look for innovative solutions.
When Pressure Turns Into Innovation
Instead of slowing down, BIC and AVC took this moment as a catalyst for innovation. They realized that perseverance alone wasn’t enough; the traditional playbook wasn’t designed for emerging managers.
They needed a smarter approach to structuring capital, one that could build trust faster, streamline operations, and create an investable platform even without decades of fund history.
BIC and AVC turned to Auptimate’s Multi-Asset SPV fund structure: a smarter, more flexible way to raise and deploy capital. This model:
- Cuts overhead costs so smaller tickets can participate, without sacrificing governance.
- Aggregates investments across multiple deals in one vehicle, from startups to secondaries.
- Delivers transparency and compliance that today’s LPs expect.
The outcome? Archipelago VC’s AVC Fund 1 reached first close through this multi-asset SPV, securing five aligned investors and setting sights on raising $6M within the next 10 months. It’s a lean, strategic way to prove fund-market fit while building momentum.
Through Auptimate’s smarter fund structures, BIC and AVC were able to shift the conversation. Transparent operations, institutional-grade reporting, and a tailored structure allowed them to demonstrate credibility to LPs while focusing their energy on sourcing and backing promising companies.
The debut investment under this model, WaterHub, founded by Lyonda Huwaidi to build Indonesia’s new-generation water utility, became proof of concept. Not only did it validate the fund’s thesis, it also signaled to LPs that the model could channel capital into scalable, high-impact solutions.
Curious how a smarter fund structure could power your first close? Book a call with our expert to explore flexible SPVs built for emerging managers.
Innovating With a Multi-Asset SPV Model
Instead of sticking to the playbook, Archipelago VC introduced a multi-asset SPV fund structure to break the cycle.
As Castiglione puts it: “So we innovated: AVC’s multi-asset SPV lowers admin costs, welcomes smaller tickets, and still gives investors governance rights and multi-asset exposure all fully aligned with our measurable impact mandate.”
This is where Auptimate’s Multi-Asset Syndicate comes in. Built for syndicate leads managing high-volume deal flow, it allows managers to raise once and invest across multiple opportunities, from early-stage startups to secondaries and even digital assets, all under a single, efficient setup.
No more paperwork overload or deal-by-deal delays. With built-in compliance and streamlined operations, syndicate leads can focus on sourcing opportunities and engaging LPs, not chasing signatures. For investors, it means exposure to a diversified portfolio with less friction.
Final Thoughts
Innovation in venture doesn’t only happen inside startups. It happens in how we design the capital vehicles that fund them. As Nicolo summed it up, “Innovation in venture isn’t only about startups, it’s also about how you structure capital. Perseverance is key. You fail only if you give up.”
In a landscape where institutional impact capital often favors incumbents, Archipelago VC and Bali Investment Club are showing that the game can be played differently. With Auptimate’s Multi-Asset Syndicate SPV fund structure, they’re not just raising money; they’re raising the bar for how capital flows into emerging markets.
Want to power your own syndicate with less friction and more flexibility? Book a call with us or get in touch with us at info@auptimate.com, and one of our experts will be more than happy to help.
