As part of the group’s continued evolution, members recently voted overwhelmingly in favor of appointing Anna Ransley to succeed Greg Fell as Co-Manager of NAIC 2.

Anna has been an active participant on the Steering Committee and investment evaluation process, and the transition reflects our focus on maintaining active leadership and continuity as the group moves forward.

We also want to recognize Greg for his many contributions as Co-Manager and for the leadership he has provided to the group over the years.

By Joseph A. Puglisi
Chairman & Co‑Manager

Throughout 2025, the IC remained active, collaborative, and forward‑looking. We continued to evaluate new opportunities, support our existing portfolio, and strengthen the foundation for future investments. Our community remains at the heart of NAIC 2, and this year reaffirmed the value of staying engaged and ready for what comes next.

A highlight of the year was welcoming Tony Tufano as a new member. Tony not only contributed capital but also joined the Steering Committee, bringing fresh energy and perspective to the group. His participation reflects our ongoing commitment to expanding membership and deepening the expertise within our collaborative.

Financially, 2025 was a steady year marked by several meaningful transactions. Members participated in capital calls for Legends and LVLUP SPV, and we completed a Cyware bridge note investment. Our consolidated Morgan Stanley account continued to generate regular interest and dividend income, reinforcing the benefits of centralizing our funds. Routine operational expenses, including monthly management fees were all in line with expectations.

Members continue to have real‑time access to their individual portfolios by signing in to Seraf. As always, contact me if you need help gaining access or navigating the platform.

We encourage all members both past and present to top off their accounts to $15,000 in order to stay in the game. Your insights, expertise, and participation are essential as we evaluate new opportunities and support the companies in which we invest. Bring us new ventures, add capital, or simply join the conversation.

To withdraw and receive a distribution of your remaining capital, send me a written request confirming your current address and I will issue a check. Please note that invested capital cannot be withdrawn.

We hope you will be inspired to participate or to refer others who may also want to join us.

Joseph A. Puglisi
Chairman & Co‑Manager
NAIC 2
(914) 623‑8508

Throughout 2024, the IC was rife with anticipation. The year was marked by anticipation, delay, and ultimately disappointment. Our shining star, Infinite Reality continues to promise yet failed to deliver liquidity.

Despite this, we pressed on evaluating several interesting new opportunities but ultimately this was a flat year. No major investments and only one significant payout.

We started the year with just over $100k in the bank. One member withdrew all remaining capital, and the AVG payout allowed us to end with $114k.

The Bank of America account has finally been retired, and all funds are now housed in an interest-bearing account at Morgan Stanley.

Over a dozen members remain active, most with capital on hand to invest in future opportunities. We did lose a member of the Steering Committee and look forward to filling that vacant seat.

The details on all companies, presentations, current valuations, and the performance of your individual portfolio can be found using your Seraf account. Contact me if you need help gaining access.

We continue to encourage all members (past and present) to top off their account with $15,000 and to stay in the game. We want more of your expertise and insights during selection, as well as input and guidance for the startups in which we invest. Bring us new opportunities, add capital, or simply join in the conversation.

To withdraw and receive a distribution of your remaining capital, send me a written request confirming your current address and I will issue a check. Please note that you cannot withdraw invested capital.

We hope you will be inspired to participate or perhaps refer others you know who may also want to join us.

Joseph A. Puglisi
Chairman & Co-Manager, NAIC 2

(914) 623-8508