Emerging Manager Q&A: Aaron Samuels about $95M Collide Capital Fund II
Aaron Samuels and Brian Hollins spent a decade building the ecosystem for underrepresented founders – then raised a $95M fund to back them. We asked Aaron 10 questions about how they did it.
Hey folks,
This is Pavel, welcome to a new edition of our Emerging Manager Q&A where we ask recently-closed fund managers 10 rapid-fire questions about their fundraising journey.
Today’s guest: Aaron Samuels, Founder and Managing Partner of Collide Capital.
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About the firm
Collide Capital Fund II is a $95M vehicle led by Aaron Samuels and Brian Hollins, investing pre-seed through Series A in fintech, supply chain, and the future of work. Headquartered in New York City with an additional office in San Francisco, the firm leads and co-leads pre-seed and seed rounds backing founders from communities that have been systematically passed over by venture capital.
The team’s edge was built long before Collide existed. Aaron and Brian met at AfroTech in 2016 and spent years running the infrastructure Black founders actually used - co-building AfroTech into the world’s largest Black tech conference, launching BLCK VC, and Aaron serving as COO of Blavity. Brian brought investing experience from Goldman Sachs, Lightspeed, and Slow Ventures. In 2019, they launched a $1.3M ‘Fund Zero’ backed by their close networks and no institutional LPs, as a deliberate proof-of-concept; that exploratory fund has delivered top-quartile TVPI.
Fund I followed at $66M in 2022, backed by Amazon, Alphabet, Twitter, and anchored by the University of California Endowment - a signal that this wasn’t mission-driven capital looking for a pass, but performance-driven capital with a differentiated thesis. Fund II closed at $95M, oversubscribed, nearly 1.5x the size of its predecessor.
To date, Collide has backed over 75 companies with five exits and more than 20 markups. Fund II is already active in fintech, supply chain, and the future of work - and the firm is compounding the same community flywheel that got them here, now through Collide Campus, which trains the next generation of investors through an undergraduate program and MBA fellowship, and its alumni have gone on to roles at firms like General Catalyst, Collide itself, and high-growth startups.
Fund II took 13 months to close and came in oversubscribed, anchored by UC Regents, Accolade Partners, Fairview Capital, Goldman Sachs, and JPMorgan. The team plans to back at least 30 companies over the next 3.5 years - and has already deployed into Art Lab, Jelou, Prefix, and Sytrex.
Here is our fireside chat:
What is your fund’s superpower in one sentence?
Bringing Fortune 500 access, a 20+ campus talent pipeline, and institutional rigor to the founders most venture firms overlook.
How long did the active fundraising process take?
13 months.
Did anybody help you during fundraising: existing LPs, fellow GPs, placement agents?
Our anchor LPs from Fund I returning for Fund II was the single biggest accelerant. Their continued conviction, combined with several new institutional anchors who had been watching our journey, gave the raise strong early momentum. No placement agent was used.
How many LPs are in the final cap table, and what’s their breakdown?
The cap table includes a mix of university endowments, institutional funds of funds, major financial institutions, and foundations. Notable LPs include the University of California Endowment (UC Regents), Accolade Partners, Fairview Capital, Goldman Sachs, and JPMorgan, among others.
What was the fastest check – time from first call to signed subscription?
All of our relationships were cultivated over the course of multiple years. We value long term relationships, not fast fundraising turnaround times.
What were the top 3 reasons LPs said “NO”?
Liquidity constraints
Lack of asset class conviction
Timing misalignment
What were the top 3 signals that an LP was truly interested in your fund?
Most of our LPs have been relationships we've been building for five years or more. We try not to chase short-term signals, but rather we look for alignment that can endure. By the time a raise opens, we've spent a significant amount of time getting to know them so the trust is already there.
What did LPs actually pay close attention to during fundraising?
Track record was the foundation: trending top-quartile TVPI for Fund Zero, with 5 exits across 75+ companies, gave LPs the proof of concept they needed.
Beyond returns, LPs wanted to understand our ecosystem-building differentiation: the Collide Campus program, Fortune 500 entry points for portfolio companies, and our backgrounds spanning Goldman Sachs, Lightspeed, Slow Ventures, Bain, and AfroTech.
The question wasn't just "can they pick?" It was "do they have an unfair advantage in sourcing and supporting founders others can't reach?"
What’s the biggest mistake fund managers make when fundraising?
Waiting until they are in active fundraising to build LP relationships. Our anchor LPs from Fund I had been watching us since Fund Zero, a $1.3M proof-of-concept fund we launched in 2019. By the time Fund II launched, those relationships were years in the making. Emerging managers often treat fundraising as a transaction. It's a long-term relationship business, and the LPs who move fastest are almost always the ones you've invested in relationally long before you send a deck.
What advice would you give to your future self and to other emerging managers about fundraising?
Build your ecosystem before you need it: the sourcing edge, the talent programs, the founder networks. LPs aren't just buying your thesis; they're buying your access and your ability to win deals before anyone else sees them. And don't underestimate the power of showing longevity and consistency. We went from a two-person team with a $1.3M fund to $170M in AUM with institutional backing. That arc, from proof of concept to institutional grade, is what earns trust. Start smaller than you think you need to. Execute better than anyone expects. Then scale.
Learn more about Collide Capital: Press & Mentions
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Strong progression from Fund Zero to a $95M second fund. The community-built edge stands out because it compounds beyond pure sourcing. Curious how repeatable you think that model is for newer emerging managers entering a much tighter fundraising environment?