The Dawn of the Specialists

This is the best time in history to launch a specialist venture capital fund.

Launch a venture capital fund built on your domain expertise through VC Lab Cohort 21. Our data shows that focused, thesis-driven funds led by managers with deep sector or geographic knowledge are outperforming across every metric that matters, from first close rates to LP conversion to capital raised. LPs are backing domain experts who are on the ground, connected to the best founders, and writing first checks into the companies shaping the future.

The Dawn of the Specialists

We are excited to announce VC Lab Cohort 21, the accelerator program built for the age of the specialist. The venture capital landscape has entered a new era, one that rewards managers who bring deep, specific expertise to the table. Whether that expertise comes from years as a founder, an operator, a scientist, a regional node, or an industry insider, the managers who are winning are the ones who know their space better than anyone else and have the networks to prove it.

VC Lab Cohort 21 is the premier accelerator for launching venture capital funds in the era of deep specialization. With enhanced specialist tracks, AI-powered operational tools, and the most comprehensive LP infrastructure ever offered to emerging managers, we are empowering fund managers to turn their domain expertise into a durable competitive advantage.

The trends defining 2026 are unmistakable. Our Year End 2025 report, analyzing over 850 funds launched through VC Lab, reveals a decisive shift toward specialization and efficiency across the emerging manager landscape. Here is what the data shows:

First, specialist strategies are surging. AI-focused funds reached 19.3% of all emerging funds in 2025, a threefold increase from 2020 to 2023. Healthcare, deeptech, and B2B rose steadily. Newer sectors like robotics, energy, defense, and cybersecurity emerged from near-zero to claim a meaningful share of all new funds launched. Managers are increasingly building their funds around specific theses and industries where they have genuine expertise and differentiated access to deal flow.

Finally, the people launching funds are changing, and that is a very good thing. For the first time in 2025, the split between managers with and without prior VC experience reached near-parity at 50/50. The average age of emerging managers dropped to 43.4, with GPs under 40 growing 2.6x. Women participated in the leadership of 31% of emerging funds in 2024, a 3.9x increase from just 8% in 2020, and mixed-gender teams are 1.2x more likely to reach a first close. 

Former founders, startup operators, and domain experts are entering venture capital because they have deep sector knowledge and access to the best deals in their space. That’s why we are calling Cohort 21 “The Dawn of the Specialists” because the most successful funds of 2026 and beyond will be launched by managers who know their space deeply, boots-on-the-ground investors with thesis-driven portfolios, proprietary networks, and the conviction to go deep into what they know best.

We are here to help you launch in the age of the specialist

Cohort 21 Enhancements

Through dedicated specialist tracks, AI-powered operational tools, proven LP infrastructure, and the most comprehensive support system for emerging managers, Cohort 21 offers everything you need to turn your domain expertise into a high-performing venture fund.

Cohort 21 introduces significant enhancements designed for specialist fund managers:

Specialist Support

Specialist Tracks: Dedicated sector-specific tracks go beyond breakout sessions. Each track provides tailored mentorship from successful specialist fund managers, sector-specific LP matching tools and curated deal flow networks.

Emerging Institute: Our world-class 100 NPS program is designed exclusively for managers working on Fund II, III, IV. This elite track provides direct pathways to institutional limited partners and advanced operational frameworks for scaling specialist firms.

LP Access and Fundraising

Catalytic Investment Program: A select number of top-performing Start Fund managers will receive up to $10,000 as a first check investment from Decile Group. Catalytic investment recipient receive a dedicated marketing article, social media promotion across our channels, and featured placement in webinar events. This program is designed to give the strongest emerging managers the credibility and visibility they need to accelerate their raise.

LP Marketplace and Fund Finder: Top managers who close a 506(c) fund during the program gain access to our LP-to-GP marketplace, connecting them directly with limited partners who are actively looking to invest in specialist funds. Your fund profile is promoted to a growing network of LPs matched by sector interest, thesis alignment, and investment preferences.

Click to Close with AI: Our revolutionary commitment system uses AI agents to handle the entire process from initial LP interest to final close, including intelligent document generation, compliance verification, and relationship nurturing. You can close your fund in a day and make sure you don’t miss out on the hottest deal in your space. 

Start Fund Integration: Launch your fund in a single day with AI agents handling entity formation, compliance documentation, and operational infrastructure setup. Begin investing immediately while your AI cofounder builds everything in parallel. Start Fund drove a 3x increase in sub-$2MM fund launches in 2025.

AI-Powered Operations

AI Cofounder Capabilities: Building on the breakthroughs introduced in Cohort 20, every manager operates with Decile Hub’s agentic AI as a true operational cofounder. Decile Hub’s AI tools help you close deals, run due diligence, source and manage LPs, and monitor your investment portfolio 24/7. Your AI cofounder handles the operational complexity of running a venture firm while you focus on relationships, pattern recognition, and strategic decisions.

AI Sprint Feedback: Get, AI-powered feedback on all your weekly firm-building work including your fund thesis, pitch materials, and fundraising strategy. Sprint cycles help you iterate faster, pressure-test your positioning, and refine your messaging before going to market, so you enter LP conversations with sharper conviction and a more compelling story.

Access to Full Decile Hub: Participants gain access to the complete AI-powered Decile Hub platform, including all agentic capabilities, autonomous workflow systems, intelligent operational tools, and the full suite of AI Toolkits for deal analysis, LP research, thesis development, and portfolio management.

Specialist Fund Tracks

Cohort 21 introduces dedicated specialist tracks built around the sectors where emerging managers are creating the most value. Each track provides sector-specific mentorship, AI-powered LP sourcing tools, deal flow networks, and working groups organized around your area of expertise. Top managers who close a 506(c) fund gain access to the LP marketplace. Based on our Year End 2025 data, these are the sectors where specialization is driving the strongest outcomes:

AI and Agentic Systems: The leading sector among emerging funds at 19.3% and growing threefold since 2023. This track supports managers investing in foundational AI, agentic systems, vertical AI applications, and the infrastructure powering autonomous decision-making across industries.

Healthcare and BioTech: Healthcare reached 10.7% of emerging funds in 2025, with biotech holding steady as a niche with sustained appeal. This track supports managers investing in personalized medicine, digital therapeutics, synthetic biology, regenerative therapeutics, and health technology innovation.

DeepTech and Robotics: DeepTech grew to 9.9% of emerging funds, while robotics emerged from near-zero to 1.7%. This track guides managers evaluating breakthrough innovations in advanced materials, quantum computing, robotics, and other frontier technologies where deep technical expertise creates durable competitive advantage.

Climate, Energy, and Sustainability: Climate tech and energy each hold steady or growing share among emerging funds. This track backs managers investing in renewable energy, carbon capture, energy storage, sustainable infrastructure, and climate adaptation solutions, where specialist knowledge is essential to evaluating technical breakthroughs.

Crypto and Blockchain: Blockchain maintained steady representation at 3.7% in 2025. This track supports managers investing in decentralized technologies, Web3 infrastructure, and blockchain applications where domain expertise in tokenomics and protocol design creates meaningful edge.

Defense and Cybersecurity: Both sectors emerged from near-zero to claim 2.1% and 1.7% share respectively in 2025. This track supports managers investing in dual-use technologies, cybersecurity infrastructure, and defense innovation. Decile Group works exclusively with defense and dual-use funds that do not condone harm to humans.

B2B and Enterprise: B2B rose steadily to 6.4% of emerging funds. This track supports managers focused on enterprise software, infrastructure, developer tools, and business technology where deep understanding of enterprise buyer behavior and market dynamics creates differentiated deal flow.

Venture Studios: Venture studios more than doubled to 7.3% of emerging funds in 2025. This specialized track supports managers building funds that invest in their systematic company creation engines, leveraging hands-on portfolio construction in high-impact sectors.

Accelerator Funds: Accelerator funds increased 4.5x to 4.9% in 2025. This track guides accelerator program leaders in establishing funds that invest in startups graduating from their cohorts, combining portfolio support with investment expertise.

Why Specialize Now

The venture ecosystem is evolving, and the managers gaining the most traction are those who lean into what makes them unique. Here is why the moment is right for specialist fund managers:

LPs are seeking domain expertise. Limited partners increasingly want to back managers with highly specific, in-demand expertise who are connected to the founders building the most innovative companies right now. A focused thesis backed by real-world credibility, whether that comes from building in the space, operating in the industry, or investing in the sector for years, resonates more than ever. LPs value managers who can articulate why they have differentiated access to the best deals in their area.

The ecosystem needs boots-on-the-ground investors. The venture landscape needs local, first-check-writing, on-the-ground fund managers who are finding deals that larger firms simply cannot access. Specialist managers bring unique value through deep sector expertise, proprietary networks, and the ability to move faster. Whether you are the manager who knows every AI founder in your city, the former biotech executive who sees clinical-stage opportunities before they hit the market, or the operator who built and sold companies in your vertical, that expertise is your edge, and it is exactly what founders and LPs are looking for.

Micro LPs are rising, and they invest in what they understand. One of the biggest trends of 2025 was the rise of the Micro LP, with one-in-four LP commitments coming in below $50K. These are accredited investors graduating from angel investing into venture capital funds, and they are drawn to specialist managers whose thesis they understand and believe in. The number of accredited investors in the U.S. is projected to grow from 18% of households today to nearly half within the next twelve years. For specialist fund managers, this represents billions in largely untapped LP wealth from investors who want to back funds aligned with their own knowledge and interests.

AI lets you punch above your weight. With Decile Hub’s agentic AI capabilities, a solo specialist GP can now operate with the efficiency of a large platform firm. Your AI cofounder handles deal sourcing, due diligence, LP communications, portfolio monitoring, and operational complexity while you focus on what makes you irreplaceable: your domain expertise, relationships, and judgment. The operational barriers that once required large teams and expensive infrastructure are gone.

Your background is your unfair advantage. Half of all emerging managers in 2025 had no prior VC experience, and they are succeeding. Former founders, startup operators, scientists, industry executives, and regional connectors are launching funds because their domain knowledge gives them access to deals and insights that traditional VCs cannot replicate. You do not need decades of venture experience. You need deep expertise in your space, the conviction to build a thesis around it, and the tools to execute.

Apply to Cohort 21

Join Cohort 21 and launch a specialist fund in the most favorable environment for focused emerging managers in venture capital history. VC Lab has helped launch over 60% of new venture firms in recent years through our powerful combination of training, tools, capital, and cutting-edge technology.

Whether you are a domain expert launching your first fund, a successful angel investor ready to formalize your thesis into a venture vehicle, or an established manager scaling through our world-class Emerging Institute, Cohort 21 will provide you with the resources, specialist community, and operational infrastructure to succeed in the age of the specialist.

How to Apply

Our streamlined application process is designed to identify managers with deep domain expertise and the conviction to build a top decile fund:

Submit an Application: Early applications receive priority consideration and immediate access to AI toolkit capabilities.

Schedule the Admissions Interview: Connect with our admissions team for a focused 15-minute conversation about your background and fund thesis.

Get Accepted: Secure one of the limited positions in the leading program to launch a specialist VC fund.

Embrace the Mensarius Oath: Commit to ethical investing and integrity.

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We are seeking managers who know their space deeply, founders, operators, domain experts, and regional connectors with the conviction to build focused portfolios and the expertise to find deals that no one else can access. The future of venture capital belongs to those who go deep.

We are here to help you launch in the age of the specialist.

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