A-STAR BETS ON SMALL CHECKS FOR OUTSIZED VC RETURNS

Siegel told Bloomberg Tech that A-Star's commitment to smaller investments in a limited portfolio of companies is the key to generating outsized returns. While the firm's latest fund is significantly smaller than recent mega-funds from competitors, the strategy remains unchanged. The approach reflects a different philosophy from the trend toward larger fund sizes in venture capital. By concentrating capital across fewer, carefully selected early-stage companies, A-Star aims to maintain deeper involvement and better returns on capital deployed. The $450 million fund positions A-Star to continue its focused investment thesis while competitors pursue growth through larger pools of capital. Siegel's comments suggest the firm sees competitive advantage in selectivity rather than scale, betting that concentrated bets in early-stage companies will outperform the broader market approach favored by larger firms.