Key Takeaways
- • Base10 Partners became the first Black-led venture capital firm to exceed $1 billion in assets under management in 2022, currently managing over $1.3 billion across multiple vehicles with a $460 million Fund III backed by CalPERS.
- • Base10 Partners' portfolio includes three high-profile exits: Figma, Notion, and Incredible Health, which achieved unicorn status in 2025, demonstrating institutional-grade deal sourcing and value creation capabilities.
- • Co-founder Adeyemi Ajao was named to the Forbes Midas List in 2023, signaling peer recognition within the venture capital establishment for deal performance and market influence.
- • Base10 Partners operates a dual-mandate model through The Advancement Initiative, a growth-stage fund that commits 50% of carried interest to HBCU scholarships and university endowments, blending commercial returns with institutional wealth-building for Black educational institutions.
- • Black-led venture capital firms represent approximately 6% of the 1,350 U.S. VC firms nationally, with Base10 and 645 Ventures exemplifying the sector's focus on underserved software and automation opportunities in real economy sectors including food, logistics, retail, healthcare, and construction.
Summary
Base10 Partners, co-founded by Adeyemi Ajao and TJ Nahigian in 2017, has established itself as a significant institutional player in venture capital, becoming the first Black-led firm to cross the $1 billion assets under management threshold in 2022. The firm's investment strategy targets automation and software solutions across underserved sectors of the real economy—food, logistics, retail, healthcare, construction, and operations—concentrating portfolios of approximately 25 companies per fund around three to four core thematic trends. This focused approach reflects a deliberate thesis on technology's asymmetric penetration in large, scale-intensive industries where software adoption lags peer sectors.
The firm's $460 million Fund III closing, which counted the California Public Employees' Retirement System among confirmed limited partners, underscores institutional capital's confidence in Base10's deployment methodology and track record. Current assets under management exceed $1.3 billion across multiple vehicles. Base10's portfolio quality is evidenced by significant outcomes: Figma, Notion, and Incredible Health all reached unicorn status, with Incredible Health achieving this milestone in 2025. Ajao's inclusion on the Forbes Midas List in 2023 reflects recognition within venture capital's investment community for deal sourcing acumen and performance.
Base10 Partners distinguishes itself through its The Advancement Initiative, a growth-stage fund that donates 50% of carried interest to historically Black colleges and universities for scholarships and endowments. This structure demonstrates an alternative capital allocation model that ties commercial venture returns directly to wealth-building infrastructure at educational institutions serving Black students, addressing systemic capital access constraints at their origin.
645 Ventures, founded in 2014 by Nnamdi Okike and Aaron Holiday, operates earlier in the investment lifecycle, focusing on seed and Series A software investments. The firm employs a proprietary Venture Investment Triangle framework to build conviction across market conditions and emerging technology categories, positioning itself to invest ahead of broader institutional recognition in nascent software domains.
Within the broader context, Black-led venture capital firms represent approximately 6% of the estimated 1,350 U.S. venture capital firms, according to National Venture Capital Association data cited by the publisher. These firms operate at the critical allocation layer that determines institutional backing, market development trajectories, and scaled ownership accumulation. Base10's milestone and subsequent institutional partnerships signal increasing capital flow toward Black-led venture managers, though the sector remains a small fraction of total venture capital deployment.
The firm's $460 million Fund III closing, which counted the California Public Employees' Retirement System among confirmed limited partners, underscores institutional capital's confidence in Base10's deployment methodology and track record. Current assets under management exceed $1.3 billion across multiple vehicles. Base10's portfolio quality is evidenced by significant outcomes: Figma, Notion, and Incredible Health all reached unicorn status, with Incredible Health achieving this milestone in 2025. Ajao's inclusion on the Forbes Midas List in 2023 reflects recognition within venture capital's investment community for deal sourcing acumen and performance.
Base10 Partners distinguishes itself through its The Advancement Initiative, a growth-stage fund that donates 50% of carried interest to historically Black colleges and universities for scholarships and endowments. This structure demonstrates an alternative capital allocation model that ties commercial venture returns directly to wealth-building infrastructure at educational institutions serving Black students, addressing systemic capital access constraints at their origin.
645 Ventures, founded in 2014 by Nnamdi Okike and Aaron Holiday, operates earlier in the investment lifecycle, focusing on seed and Series A software investments. The firm employs a proprietary Venture Investment Triangle framework to build conviction across market conditions and emerging technology categories, positioning itself to invest ahead of broader institutional recognition in nascent software domains.
Within the broader context, Black-led venture capital firms represent approximately 6% of the estimated 1,350 U.S. venture capital firms, according to National Venture Capital Association data cited by the publisher. These firms operate at the critical allocation layer that determines institutional backing, market development trajectories, and scaled ownership accumulation. Base10's milestone and subsequent institutional partnerships signal increasing capital flow toward Black-led venture managers, though the sector remains a small fraction of total venture capital deployment.
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