Building a Next-Generation Growth Firm Focused on AI
Building a Next-Generation Growth Firm Focused on AI
Building a Next-Generation Growth Firm Focused on AI
Building a Next-Generation Growth Firm Focused on AI
Intrepid is a growth-stage investment firm founded by three seasoned investors with deep experience across CPPIB, OMERS, and the broader venture ecosystem. The firm was born from a shared belief that the rise of AI will transform industries at a scale comparable to the introduction of electricity — and that long-term, global investment partnerships would be critical to navigating that change.
With offices in Toronto and London, Intrepid is currently raising a $500M fund and has already backed companies like StackAdapt and Skin Analytics. But while the firm’s vision is long-term, its fundraising process — like many emerging managers — required the same operational intensity and manual IR work that challenges even the most experienced teams.
The Challenge: Raising Fund I While Building a Scalable, Modern IR Engine
The Challenge: Raising Fund I While Building a Scalable, Modern IR Engine
The Challenge: Raising Fund I While Building a Scalable, Modern IR Engine
The Challenge: Raising Fund I While Building a Scalable, Modern IR Engine
Raising a first-time fund is notoriously difficult. For Intrepid, catalyzing the first close meant building trust with LPs who wanted to see execution — while navigating complex processes like NDA distribution, data sharing, and co-investment management, often without dedicated IR infrastructure.
“The hardest part was getting to that first close — LPs wanted to wait and see what kind of investments we made. But we couldn’t show them anything until we got capital in.”
— Mark Shulgan, Managing Partner, Intrepid
“The hardest part was getting to that first close — LPs wanted to wait and see what kind of investments we made. But we couldn’t show them anything until we got capital in.”
— Mark Shulgan, Managing Partner, Intrepid
“The hardest part was getting to that first close — LPs wanted to wait and see what kind of investments we made. But we couldn’t show them anything until we got capital in.”
— Mark Shulgan, Managing Partner, Intrepid
“The hardest part was getting to that first close — LPs wanted to wait and see what kind of investments we made. But we couldn’t show them anything until we got capital in.”
— Mark Shulgan, Managing Partner, Intrepid
Meanwhile, managing co-investments and NDAs through law firm–hosted data rooms slowed the process and distracted the team from high-value activities like due diligence and LP engagement.
“We were spending time chasing NDAs, digging through file systems, and emailing back and forth. It wasn’t scalable.”
— Mark Shulgan, Managing Partner, Intrepid
“We were spending time chasing NDAs, digging through file systems, and emailing back and forth. It wasn’t scalable.”
— Mark Shulgan, Managing Partner, Intrepid
“We were spending time chasing NDAs, digging through file systems, and emailing back and forth. It wasn’t scalable.”
— Mark Shulgan, Managing Partner, Intrepid
“We were spending time chasing NDAs, digging through file systems, and emailing back and forth. It wasn’t scalable.”
— Mark Shulgan, Managing Partner, Intrepid
NDAs shared manually through email and legal data rooms
LPs had to ask for updates and documents
High admin burden on associates and partners
Static, fragmented LP experience
Difficulty managing HNWI LPs
Streamlined, self-service access to deal materials with trackable NDAs
LPs self-serve from a centralized portal — reducing inbound requests
Associates freed from repetitive workflows — more time for due diligence
A polished, branded platform that reflects Intrepid’s professionalism
Simplified HNWI management with structured communication and automation
What Vessel Unlocked for Intrepid
What Vessel Unlocked for Intrepid
What Vessel Unlocked for Intrepid
What Vessel Unlocked for Intrepid
A modern, branded LP portal that reflects the firm’s values and professionalism
A central hub for co-investments, reporting, NDAs, and fundraising workflows
Reduced administrative burden for a lean team
A seamless experience for LPs that builds confidence and long-term trust
Ability to scale HNWI relationships without extra headcount
“We have a number of high-net-worth LPs. Without Vessel, it would’ve been much harder to manage the volume and complexity.”
“We have a number of high-net-worth LPs. Without Vessel, it would’ve been much harder to manage the volume and complexity.”
“We have a number of high-net-worth LPs. Without Vessel, it would’ve been much harder to manage the volume and complexity.”
“We have a number of high-net-worth LPs. Without Vessel, it would’ve been much harder to manage the volume and complexity.”
Why Intrepid Chose Vessel Over Other Platforms
Why Intrepid Chose Vessel Over Other Platforms
Why Intrepid Chose Vessel Over Other Platforms
Why Intrepid Chose Vessel Over Other Platforms
“The onboarding was seamless. You were clear about what was live and what was coming. It’s rare to work with a vendor that transparent.”
“The onboarding was seamless. You were clear about what was live and what was coming. It’s rare to work with a vendor that transparent.”
“The onboarding was seamless. You were clear about what was live and what was coming. It’s rare to work with a vendor that transparent.”
“We looked at other platforms, but Vessel stood out for the UX and your team’s responsiveness. You’re building this the right way — with your users.”
“We looked at other platforms, but Vessel stood out for the UX and your team’s responsiveness. You’re building this the right way — with your users.”
“We looked at other platforms, but Vessel stood out for the UX and your team’s responsiveness. You’re building this the right way — with your users.”
“We looked at other platforms, but Vessel stood out for the UX and your team’s responsiveness. You’re building this the right way — with your users.”
“I’ve already recommended Vessel to other managers. Top three reasons? One: the ease of use. Two: the reduced admin. And three: the experience it creates for LPs. It’s a modern platform that reflects the kind of firm we’re building.”
“I’ve already recommended Vessel to other managers. Top three reasons? One: the ease of use. Two: the reduced admin. And three: the experience it creates for LPs. It’s a modern platform that reflects the kind of firm we’re building.”
“I’ve already recommended Vessel to other managers. Top three reasons? One: the ease of use. Two: the reduced admin. And three: the experience it creates for LPs. It’s a modern platform that reflects the kind of firm we’re building.”
“I’ve already recommended Vessel to other managers. Top three reasons? One: the ease of use. Two: the reduced admin. And three: the experience it creates for LPs. It’s a modern platform that reflects the kind of firm we’re building.”
The Future of Fundraising Is AI-Native
The Future of Fundraising Is AI-Native
The Future of Fundraising Is AI-Native
The Future of Fundraising Is AI-Native
Mark and the Intrepid team are also experimenting with custom GPTs to accelerate workflows — like generating investor briefing notes that used to take hours.
“We’re using AI to automate anything that’s repetitive. Vessel fits that perfectly. It frees us up to focus on judgment, not file management.”
“We’re using AI to automate anything that’s repetitive. Vessel fits that perfectly. It frees us up to focus on judgment, not file management.”
“We’re using AI to automate anything that’s repetitive. Vessel fits that perfectly. It frees us up to focus on judgment, not file management.”
“We’re using AI to automate anything that’s repetitive. Vessel fits that perfectly. It frees us up to focus on judgment, not file management.”
As the firm grows, Vessel will remain a central part of their investor infrastructure — not just to reduce friction, but to project the brand, values, and operating rigor that Intrepid is known for.
“We’re building a firm that’s meant to last 100 years. That means choosing partners who scale with us. Vessel is one of them.”
“We’re building a firm that’s meant to last 100 years. That means choosing partners who scale with us. Vessel is one of them.”
“We’re building a firm that’s meant to last 100 years. That means choosing partners who scale with us. Vessel is one of them.”
“We’re building a firm that’s meant to last 100 years. That means choosing partners who scale with us. Vessel is one of them.”
