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 Please note that invested capital cannot be withdrawn.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