The Notation II pitch deck is a professional, thesis-driven document designed to raise a second venture capital fund. It succeeds by leveraging the track record of Fund I to justify a $25M target for Fund II. The deck emphasizes a 'first-check' strategy, specifically targeting technical founders in New York City. Key strengths include a transparent breakdown of fund mechanics—such as a $400K average initial investment and a 10% target ownership—and a robust network of advisors from top-tier tech companies like Giphy, Tumblr, and Facebook. While the provided slides lack specific IRR or TVPI mu…
Key takeaways
- The fund targets a $25M total size for Notation II, as stated on slide 11.
- Notation focuses on a 'first-check' strategy, primarily for technical founding teams in NYC (slide 11).
- The firm aims for a 10% target initial ownership with an average initial investment of $400K (slide 11).
- Portfolio construction includes a 1:1 ratio for follow-on reserves and a total of 30 investments (slide 11).
- The investment period is defined as 3 years for the second fund (slide 11).
- The team leverages a network of 12 high-profile advisors from companies including Rent The Runway, Foursquare, and Tumblr (slide 5).
- General Partner Alex Lines brings over 10 years of experience in distributed systems and scalability in NY (slide 3).
- General Partner Nick Chirls previously served as Head of Seed Investing at betaworks (slide 3).
Notation II: A Disciplined Approach to Pre-Seed Venture Capital
The Notation II pitch deck is a clear example of how an emerging manager transitions from a proof-of-concept first fund to a scaled, institutional-grade second fund. The deck is characterized by its minimalist aesthetic, NYC-centric imagery, and a heavy emphasis on team and network. Unlike many startup decks that focus on a single product, this fund deck must sell a process, a network, and a specific philosophy of portfolio construction.
Slide 1: Title Slide
The deck opens with a monochrome image of New York City architecture, immediately establishing the firm's geographic identity. The branding is understated, with "NOTATION II" centered in a clean, sans-serif font. This sets a professional, serious tone suitable for Limited Partners (LPs).
Slide 3: The General Partners
The team slide introduces the two General Partners, Alex Lines and Nick Chirls . The descriptions are functional rather than boastful. Alex is positioned as the technical lead, focusing on "hard tech, infrastructure, and product," citing 10 years of experience in NY distributed systems. Nick is positioned as the product and fundraising lead, highlighting his tenure as Head of Seed Investing at betaworks . This creates a balanced "builder and investor" dynamic that is highly attractive to LPs looking for managers who can technically vet early-stage projects.
Slide 5: The Network of Founders and Advisors
This slide is a "social proof" powerhouse. It is divided into two sections: 12 Founders and 12 Selected Advisors. The founders represent companies like Commonwealth Crypto , Sawyer , Arta , and Simple Contacts . The advisor list is even more recognizable, featuring individuals from Giphy , Rent The Runway , Foursquare , Tumblr , and Facebook . By listing these names, Notation demonstrates that they aren't just two individuals; they are the gateway to a massive, high-value network in the NYC tech scene.
Slide 7: Fund I Summary
Slide 7 serves as the bridge between the past and the future. It claims that Fund I proved the firm could "partner with exceptional founding teams, earn meaningful ownership, and consistently help them get to institutional seed." The slide lists four key achievements: building a framework for portfolio support, establishing a powerful NYC network, creating a brand synonymous with "pre-seed," and laying the foundation for an institutional firm. Notably, this slide lacks hard financial metrics (IRR/TVPI), which are usually found in a full LP data room rather than a high-level pitch deck.
Slide 9: Lessons Learned
This is a rare and valuable slide in a fund deck. It shows maturity and self-reflection. The firm notes that the pre-seed category is broader than initially thought, covering everything from "pre-product to early customer and revenue traction." They also mention refining their "ideal portfolio construction and ownership targets" for Fund II. This transparency suggests to LPs that the managers are data-driven and capable of iterating on their own investment model.
Slide 11: Fund II Strategy and Mechanics
This is the most critical slide for an LP. It outlines the specific parameters of the new fund. The target size is $25M . The strategy remains a "dedicated first-check strategy" for technical teams in NYC. The slide provides a granular breakdown of the math: an $400K average initial investment into an $750K average pre-seed round , aiming for 10% target initial ownership . They also commit to a 1:1 follow-on reserve ratio , a 3-year investment period , and a total of 30 investments . This level of detail reduces perceived risk by showing exactly how the capital will be deployed.
Slide 14: Closing
The deck concludes with the firm's URL (notation.vc) over a blue-tinted version of the NYC skyline image from the cover. It maintains the consistent branding and geographic focus seen throughout the presentation.
What Works in the Notation II Deck
The primary strength of this deck is its specificity . Many emerging managers use vague language about "adding value" or "investing in great founders." Notation, conversely, provides exact numbers for their check sizes, ownership targets, and reserve ratios on slide 11. This allows an LP to model the fund's potential outcomes immediately.
The geographic focus is also a major asset. By leaning heavily into the New York City identity—both through imagery and the advisor list—Notation carves out a niche. They aren't trying to be everything to everyone; they are trying to be the best first check in NYC. This makes them a perfect "satellite" investment for a large institutional LP who wants exposure to the New York ecosystem.
Finally, the advisor slide (Slide 5) is exceptionally well-executed. It doesn't just list names; it lists the logos of the companies those advisors helped build. This visual shorthand communicates the quality of the "Notation Network" faster than a paragraph of text could.
What is Missing from the Notation II Deck
The most obvious omission is Fund I performance data . While slide 7 mentions that they "consistently help [founders] get to institutional seed," it does not list the graduation rate, the markup percentage, or the current TVPI (Total Value to Paid-In capital). While these figures are often sensitive and kept for the formal Private Placement Memorandum (PPM) or a secure data room, including at least one high-level performance metric can help build immediate momentum.
There is also no market analysis slide. The deck assumes the reader already agrees that NYC is a top-tier tech hub and that pre-seed is a viable asset class. While this is likely true for the LPs they are targeting, a slide showing the growth of NYC venture capital or the "funding gap" at the pre-seed stage could have strengthened the macro-economic argument for the fund.
Lastly, the deck does not detail the "Support Framework" mentioned on slide 7. They claim to have a framework to help companies achieve first-year goals, but they don't explain what that looks like in practice. Is it a platform team? A series of workshops? A proprietary software tool? Providing a glimpse into the "Notation way" of supporting founders would make their value proposition more tangible.
What Founders and Managers Should Copy
1. The Mechanics Slide: Every fund manager should copy the layout of Slide 11. It answers the five most important questions an LP has: How much are you raising? How many bets are you making? How much do you put in each? How much do you keep for later? How long will it take? Putting this on one slide shows a high level of operational discipline.
2. The "Lessons Learned" Approach: Founders raising a Series A or B, and fund managers raising a Fund II, should include a slide like Slide 9. Acknowledging what you learned from the first iteration builds immense trust. It shows that you are not just repeating the same actions, but are actively optimizing your business model based on market feedback.
3. Visual Consistency: The deck uses a very limited color palette (grey, blue, and white) and a consistent photographic style. This makes the firm look established and sophisticated. A messy, multi-colored deck can often signal a lack of attention to detail, which is the last thing an LP wants to see in a fund manager.
4. Balanced Team Profiles: The GP slide (Slide 3) is a model for how to present co-founders. It clearly delineates their roles and backgrounds without overlapping too much. It answers the question "Why these two?" by showing how their different skill sets (technical vs. product/fundraising) cover the entire lifecycle of an early-stage investment.
5. The Graduation Narrative: Notation focuses on a single, clear outcome for their portfolio: getting to the "institutional seed." By defining success so clearly, they make it easy for LPs to measure their progress. Founders should similarly define what their "next milestone" looks like in their own decks, rather than just asking for money to "grow."
Frequently asked questions
- What is the primary investment focus of Notation II?
- Notation II is a pre-seed venture capital fund that focuses on being the 'first check' for technical founding teams. Geographically, the firm prioritizes startups based in New York City. Their strategy involves investing early, often at the pre-product stage, and helping these teams reach their first-year goals in tech, product, and recruiting to eventually secure an institutional seed round.
- What are the specific fund mechanics for Notation II?
- According to slide 11, the fund has a target size of $25M. They plan to make 30 investments over a 3-year investment period. The average initial check is $400K into a $750K average pre-seed round, aiming for 10% initial ownership. They also maintain a 1:1 reserve ratio for follow-on investments in their portfolio companies.
- Who are the General Partners leading the fund?
- The fund is led by two General Partners: Alex Lines and Nick Chirls. Alex Lines is a software engineer with over a decade of experience in NY building distributed systems and focuses on hard tech and infrastructure. Nick Chirls was formerly the Head of Seed Investing at betaworks and focuses on product, customer acquisition, and capital raising.
- How does Notation support its portfolio companies beyond capital?
- Notation utilizes a 'framework' to help companies achieve first-year goals across tech, product, and fundraising. A significant part of their value proposition is their network, which includes a dedicated group of advisors from prominent tech firms like Giphy, Facebook, and Tumblr, as well as a community of NYC-based founders and LPs.
- What did the firm learn from Fund I that influenced Fund II?
- The firm identified that the pre-seed category is broad, spanning from pre-product to early revenue. They used Fund I to refine their understanding of pre-seed financing dynamics, which allowed them to 'right-size' Fund II. They also emphasized that healthy partnerships require significant 'real care' and active involvement, which is now a core part of their brand.
