Owning the on-chain economy.
Lyrik's second fund backs the companies building the on-chain economy — the businesses where AI agents and real-world assets come on-chain, whose value accrues to ownership and revenue, not the tokens that trade on them.
Fund II — in formation
Lyrik VC II LP is not yet established; Laven Advisors LLP is not yet appointed as its manager, and the general partner is not yet appointed. The information on this page describes a proposed fund, is for discussion purposes only, and may change. Nothing on this page is an offer of, or an invitation to invest in, any fund. Past performance is not a reliable indicator of future performance.
Owned, not rented.
The market is buying the token, or the coupon. We're buying the company.
Capital is rushing into the on-chain economy through its wrappers — tokens that trade on a narrative, and the coupon products (tokenised treasuries, money-market and yield wrappers) that repackage familiar returns on-chain.
We think the durable value sits elsewhere: in the companies that build the infrastructure this economy runs on, whose value accrues to ownership and revenue. Owned, not rented.
Concretely, we invest where AI agents and real-world assets come on-chain and need real infrastructure to do it: settlement and custody, asset distribution, agentic payments, and the privacy and risk layers beneath them.
And we hold one line on instruments: we don't ask a founder to issue a token to manufacture a return. We underwrite the business, and let the right instrument follow the company.
Three places we concentrate.
Fund II concentrates where the on-chain economy is actually being built — three areas, illustrative not exhaustive. In each, we back the company whose value compounds in equity and revenue, not the token or coupon that trades on it.
Agentic AI & sovereign intelligence
The companies giving AI agents the ability to act as economic actors — to hold, move and settle value — and the sovereign-intelligence infrastructure beneath them.
Real-world assets & stablecoin infrastructure
The issuers and rails bringing real-world assets and stablecoins on-chain in institutional form — the infrastructure, not the coupon that trades on it.
Open, foundational infrastructure
The open, neutral picks-and-shovels layer the rest depends on — settlement, custody, privacy and risk — built to be owned, not rented.
Backed the rails before they had a name; now we invest in what runs on them. Fund I took positions across this infrastructure before the economy had a name. See the Fund I portfolio →
Discipline, not coverage.
Equity-led
We underwrite the business first — its customers, its revenue, its claim on real value. The wrapper it trades in, token or equity, is incidental: we back the claim, not the form.
Concentrated by conviction
A small book we back early and know deeply — the speed and focus a small fund brings. Conviction over coverage.
Built by an operator
Led by Rune Bentien — an operator and investor early to the intersection of digital assets and AI. We read the architecture and the business model in the same room.
See the full fund.
You've read the thesis. The fund detail — terms, track record and fund documents — is shared with professional clients and eligible counterparties on request. Tell us who you are and we'll be in touch about access.
No anti-money-laundering checks or subscription at this stage — that comes only if and when you decide to invest.