Solo GP Ashley Smith Doubles Fund Size in Four Months

Ashley Smith's Vermilion Cliffs Ventures closed a $25 million Fund II on July 8, 2026, raising it in approximately four months largely from existing LPs. The fund nearly doubles her debut vehicle from February 2025. As a solo GP—the sole decision-maker without partners—Smith's fast close from repeat backers signals confidence that the solo model can sustain performance at this scale. Fund II targets AI infrastructure, security, and developer tools, with checks averaging $500,000 to $1 million.