[90PROOF]
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★ EST. 2026 — STAMPED IN PARTS UNKNOWN ★

[
90PROOF
C A P I T A L
]

WE BET AGAINST CONSENSUS.
EVIDENCE OVER NOISE.

We don't "circle back." We don't chase "exciting spaces." We write the check, pick up the phone at 2 a.m., and tell you when your pricing is stupid.

NO BOARD OBSERVERS✦NO PRO-RATA THEATRICS✦NO LINKEDIN THOUGHT LEADERSHIP✦YES TO CONVICTION✦
NO BOARD OBSERVERS✦NO PRO-RATA THEATRICS✦NO LINKEDIN THOUGHT LEADERSHIP✦YES TO CONVICTION✦
NO BOARD OBSERVERS✦NO PRO-RATA THEATRICS✦NO LINKEDIN THOUGHT LEADERSHIP✦YES TO CONVICTION✦
NO BOARD OBSERVERS✦NO PRO-RATA THEATRICS✦NO LINKEDIN THOUGHT LEADERSHIP✦YES TO CONVICTION✦

Ch. 01 — The Mash Bill

WHAT WE POUR INTO.

Four flavors. No flights. We don't invest by sector — we invest by spine.

Thesis 0101

VERTICAL AI THAT BILLS WEEKLY

Software that replaces a line item, not a meeting.

Thesis 0202

INFRA FOR THE BORING MIDDLE

Pipes, plumbing, payments. Where the rent gets paid.

Thesis 0303

CONSUMER WITH A CULT

If your users won't tattoo it, we're not interested.

Thesis 0404

DEFENSE, ENERGY, ATOMS

Hard things. Real outcomes. Tariff-proof moats.

Ch. 02 — The Distillers

THE PEOPLE
MAKING THE CUT.

Mike Miguel

MIKE MIGUEL

LinkedIn

General Partner

Not a first-timer learning the region on LP capital. Sterling record built on an established private wealth practice that deployed early-stage capital across Europe, North America, and Southeast Asia. Career spans senior risk and emerging-markets roles at JP Morgan, Deutsche Bank, and Citi — plus a founded-and-exited financial advisory and a venture exit in 2019. That's capital allocation and risk discipline built over a full career, not a first fund.

“I'm paid the big bucks to hear the music before anyone else does. And right now I can't hear a damn thing.”
Reuben Sushman

REUBEN SUSHMAN

LinkedIn

General Partner

Three decades in capital markets at the highest level — emerging markets, fixed income, derivatives, commodities, and PE-backed deals. Built and operates one of the first licensed Bitcoin mining funds on the planet. Full-stack operator: sales, diligence, modeling, M&A, capital raising, and structured products most teams can't touch. Network spans the US, Middle East, and Asia — bridges Western and Eastern markets without asking permission.

“I've seen this movie. The ending changes if you ship.”
Jason Bernard

JASON BERNARD

LinkedIn

Venture Partner

The builder in the room, not the spectator. Founded and runs a climate-infrastructure venture out of Bangkok — owning product vision, strategy, and execution end to end, not delegating them from a slide. Commercial leadership plus deep fluency in climate and regenerative technology means he reads the engineering before he reads the pitch. His mandate on the book is hands-on technical diligence: verifying that the data, hardware, and infrastructure behind a position are real before a dollar moves. For a fund built to back founders before they're legible, that's the discipline that keeps conviction honest.

“A render isn't a reactor. Show me the thing running when nobody's watching.”

Ch. 03 — The Cellar

AGING GRACEFULLY.

A few we're proud of. The rest are under NDA, in stealth, or frankly none of your business.

01

ALEMBIC

02

RYE & CODE

03

BARREL.IO

04

MASH PROTOCOL

05

NEAT LABS

06

OAK STAVE

07

PROOF POINT

08

STILL FRAME

09

ANGEL'S SHARE

10

HIGH WIRE

HOUSE RULES

CASK STRENGTH. NO CHASER.

01 / 11
WE READ THE EVIDENCE, NOT THE RÉSUMÉ. WHERE YOU WORKED IS HISTORY. WHAT YOU'VE BUILT IS THE CASE.
02 / 11
THE SOLO PENALTY IS A PREJUDICE, NOT A RISK MODEL. THE DATA HAS SAID SO FOR A DECADE. WE PRICE YOU ON THE EVIDENCE.
03 / 11
THAT STRETCH BETWEEN FIRST REVENUE AND FIRST TERM SHEET IS THE HEART CUT — AND IT'S EXACTLY WHERE WE SHOW UP.
04 / 11
THERE IS NO ROOM. WE GO TO THE COMPANY, IN WHATEVER CITY IT WAS BUILT IN.
05 / 11
WE CARE THAT SOMEBODY PAYS YOU. REAL BUSINESS, ROUGH PACKAGING IS OUR FAVOURITE KIND OF COMPANY.
06 / 11
NARRATIVE, DATA ROOM, GOVERNANCE, NEXT ROUND — WE DO THAT WORK WITH YOU. YOU STILL RUN THE COMPANY.
07 / 11
15 TO 20 COMPANIES A FUND. YOU ARE A POSITION, NOT A LOTTERY TICKET — WE CANNOT AFFORD TO IGNORE YOU.
08 / 11
THE 10-YEAR BARREL. WE BACK COMPANIES BUILT TO STILL MATTER IN A DECADE, NOT ROUNDS TIMED TO A CYCLE.
09 / 11
WE DON'T WAIT FOR INBOUND. A DATA-DRIVEN SEARCH RUNNING CONSTANTLY ACROSS THE REGION — HOW MOST OF OUR CONVERSATIONS START.
10 / 11
WE ASK THE HARD QUESTIONS BEFORE THE INSTITUTIONS DO. AND A CLEAR NO IN A WEEK BEATS A MAYBE FOR SIX MONTHS.
11 / 11
IT WON'T. THE NEXT DECADE OF ASEAN COMPANIES IS BEING BUILT RIGHT NOW — MOSTLY BY PEOPLE NOBODY HAS CALLED YET.

WE ARE NOT BETTING THAT SOUTHEAST ASIA'S POTENTIAL IS REAL. WE ARE BETTING THE MARKET CAN'T PRICE IT YET — AND THAT WE CAN.

BET AGAINST THE CONSENSUS.

READ THE THESIS →

GOT A
COMPANY?
Pour it out.

A short paragraph, a note on a napkin or a message in a bottle would do.

pitch@90proof.capitalRead the manifesto →
Bet Against
CONSENSUS
EVIDENCE
Over Noise