Key Takeaways
- • Max Samuel, former Thiel Capital investor with seven years at Peter Thiel's private investment office, has launched Off Piste Capital as a solo GP venture fund with a €25 million ($30 million) target for early-stage infrastructure investments.
- • Off Piste Fund I employs a dual-geography sourcing strategy leveraging Samuel's embedded access to the Thiel ecosystem (PayPal Mafia, Thiel Fellowship, Founders Fund, SpaceX, Palantir, and Anduril alumni networks) combined with European market presence to connect ambitious European founders with US capital and technology partnerships.
- • Samuel's background includes five years as General Partner at SNÖ Ventures focusing on Nordic and European investments, plus prior experience at Credit Suisse and Wilson Sonsini, positioning him as a cross-border deal connector with established US and European institutional relationships.
- • The fund targets founders building "systems and infrastructure of the future," competing in an increasingly fragmented VC landscape where solo GP models have grown to represent 69% of all new venture funds below $25 million as of 2024.
- • Off Piste's positioning directly addresses a gap for European founders seeking privileged access to US capital sources, proprietary deal flow networks, and operational talent—a strategic arbitrage between geographies rather than competition.
Summary
Max Samuel has established Off Piste Capital as a solo general partner venture fund, securing a first close at €25 million with a stated target size. Samuel brings substantial pedigree from two of Europe and Silicon Valley's most connected investment platforms: seven years at Thiel Capital, Peter Thiel's private investment office operating across San Francisco and Los Angeles, followed by five years as General Partner at SNÖ Ventures, where he led Nordic and European early-stage investing.
The fund targets early-stage companies building infrastructure and systems technology, positioning itself at the intersection of European and US capital markets. Samuel's sourcing strategy explicitly leverages proprietary network access to the Thiel ecosystem, including the PayPal Mafia, Thiel Fellowship alumni, Founders Fund partners, and networks spanning SpaceX, Palantir, and Anduril. This network access is complemented by relationships from prior investments such as Starcloud and partnerships with major institutional venture firms. Based in Stavanger, Norway since 2020, Samuel maintains the transatlantic relationships that define his deal sourcing edge.
Off Piste's thesis identifies a market inefficiency: European founders seeking direct access to US capital, technology partners, and talent typically lack the embedded network relationships that Samuel possesses. The fund frames its value proposition as combining US and European capital, experience, and market access—positioning geography as complementary rather than competitive. Its small ticket sizes enable flexible co-investment structures with tier-one firms, reducing capital concentration risk while maintaining decision-maker proximity for founders.
The launch reflects broader trends in venture capital structure. As of 2024, 69% of all newly formed venture funds fall below the $25 million threshold, indicating a sustained shift toward smaller, specialized, and operator-focused fund models. Samuel's transition from institutional platforms (Thiel Capital and SNÖ Ventures) to solo GP status exemplifies this trend, where established investors with strong networks can raise dedicated vehicles without traditional partnership structures.
The fund targets early-stage companies building infrastructure and systems technology, positioning itself at the intersection of European and US capital markets. Samuel's sourcing strategy explicitly leverages proprietary network access to the Thiel ecosystem, including the PayPal Mafia, Thiel Fellowship alumni, Founders Fund partners, and networks spanning SpaceX, Palantir, and Anduril. This network access is complemented by relationships from prior investments such as Starcloud and partnerships with major institutional venture firms. Based in Stavanger, Norway since 2020, Samuel maintains the transatlantic relationships that define his deal sourcing edge.
Off Piste's thesis identifies a market inefficiency: European founders seeking direct access to US capital, technology partners, and talent typically lack the embedded network relationships that Samuel possesses. The fund frames its value proposition as combining US and European capital, experience, and market access—positioning geography as complementary rather than competitive. Its small ticket sizes enable flexible co-investment structures with tier-one firms, reducing capital concentration risk while maintaining decision-maker proximity for founders.
The launch reflects broader trends in venture capital structure. As of 2024, 69% of all newly formed venture funds fall below the $25 million threshold, indicating a sustained shift toward smaller, specialized, and operator-focused fund models. Samuel's transition from institutional platforms (Thiel Capital and SNÖ Ventures) to solo GP status exemplifies this trend, where established investors with strong networks can raise dedicated vehicles without traditional partnership structures.
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