When we launched Black Sheep Capital, the goal wasn’t to follow the crowd. It was to find the places no one was paying attention to—yet.
Right now, that’s defense and health tech.
Not the legacy players. Not the bureaucratic dinosaurs clinging to contracts they landed in the Cold War.
We’re backing the next generation. Founder-led, tech-native teams building like the world depends on it—because it does.
Let’s Start with Defense
We’re not talking about "defense stocks" you hear about on CNBC. We’re talking about bleeding-edge operators using machine learning, robotics, and satellite-based tech to build national security tools at startup speed.
We recently backed one of the most compelling dual-use defense companies we’ve ever come across—think AI-powered targeting systems, advanced hardware, and actual traction with special ops and three-letter agencies. Can’t say the name yet. But when it breaks into the public eye, you’ll wish you got the memo early.
We did.
Now Let’s Talk Health Tech
The healthcare system wasn’t built for people like us—founders, parents, builders, doers. It was built to react, not optimize. That’s where the alpha is.
Our portfolio company Next Life Sciences (Plan A) is changing the game in male contraception. Their lead product—Vasalgel—has now completed 100% successful clinical trials in North America, following earlier international trials with similar outcomes.
This isn’t speculative science. It’s real, it’s working, and it has the potential to reshape reproductive health on a global scale. And for me — this one hits close to home.
My wife has never been able to take traditional birth control due to the side effects. That left us with very few good options. So when I first sat down with L.R. Fox, Plan A’s founder, I didn’t just see a promising biotech play — I saw a future where families like mine finally have a better choice.
We snapped a quick selfie that day — I’ll drop it below so you know how early we really were.
Sat down with L.R. Fox and knew this wasn’t just another pitch—it was a category-definer.
They’ve assembled a world-class team, locked down key IP, and are moving toward U.S. market entry with momentum most biotech startups would kill for.
This is what we mean by asymmetric bets: real tech, proven science, and a problem the market’s been waiting decades to solve.
Why Private Markets?
Because this is where the real alpha lives.
Look at Circle. $CRCL
When they IPO’d earlier this year, shares opened at $31. Today, they’re trading over $180. But the biggest winners didn’t buy it on IPO day—they got in when the valuation was still laughable to most.
Jim Breyer’s fund, Breyer Capital, invested at just $0.27 per share.
That’s the power of early-stage private deals:
You’re not chasing the hype—you’re years ahead of it.
By the time Wall Street catches up, we’re already in. By the time CNBC is talking about it, we’ve already exited—or we're holding a 10x with conviction.
Early-stage private deals give us two unfair advantages:
Information Asymmetry – We’re in rooms most investors don’t even know exist.
Influence – We don’t just write checks. We open doors, offer strategy, and help founders scale.
This is how we invest at Black Sheep—where conviction matters more than consensus.
“Whoever watches the wind will not plant; whoever looks at the clouds will not reap.”
- Ecclesiastes 11:4 (NIV)
In other words — you can’t wait for perfect conditions.
The boldest returns come to those willing to move when others hesitate.
At Black Sheep, we don’t wait for the sky to clear.
We plant early, we dig deep, and we stay in the field long after the crowd’s gone quiet.
Because real alpha never shows up with a flashing sign.
It’s built—quietly, patiently, before it prints.
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