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