AAF Management has launched a new $55 million early-stage hybrid fund, called the Axis Fund, bringing its total assets under management to about $250 million across four funds.
Unlike traditional venture firms, AAF blends direct startup investments with fund-of-funds activity, allocating 80% of its capital to startups and 20% to emerging VC funds. The Washington-based firm says this approach helps it identify top-performing early-stage founders and fund managers faster.
The Axis Fund has already backed 25 pre-seed and seed-stage funds, plus five early and growth-stage startups. AAF’s portfolio includes investments in Drata, Flutterwave, Jasper, and Hello Heart, with indirect exposure to unicorns like Mercury, Deel, and Retool through its LP network.
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Founded by Omar Darwazah and Kyle Hendrick, AAF focuses on connecting early founders with late-stage capital and providing Gulf-based institutional investors with diversified venture exposure. The firm has recorded 20 exits totaling nearly $2 billion in value and continues to rank among top-performing venture firms for its vintage years.
