Associate, Investments Investments San Francisco · Remote → Investments San Francisco · Remote

This is a core investing seat at Duende: sourcing access-constrained opportunities, underwriting companies and secondary transactions, structuring investments, and building the relationships that create repeat access.

Duende Capital is a private markets investment firm specializing in venture secondaries and other access-constrained technology investments. Over the past 12 months, Duende has deployed more than $125 million across AI, defense, space, robotics, fintech and industrial technology. We invest from our balance sheet into select companies and venture funds, and invest alongside a global network of family offices, founders, executives and institutional capital partners through purpose-built vehicles.

Our model combines differentiated sourcing, fundamental underwriting, flexible structuring and the ability to move quickly where access and certainty of execution matter. Select investments and transactions:
SpaceX, xAI, Standard Bots, Neuralink, Databricks, Vulcan Elements, Positron and Nucleus Genomics.

You will play a key role across direct investments, secondary transactions and selective fund commitments. As a generalist investor at a lean firm, you will drive every stage of the deal lifecycle: sourcing, underwriting, structuring, presenting to the investment committee, and ongoing portfolio work.

• Source differentiated direct and secondary opportunities through founders, operators, GPs, co-investors and private-market counter parties; build long-term manager relationships that can create future co-investment access
• Lead diligence across companies, secondary transactions and selective fund commitments: market maps, financial modeling, reference calls, valuation work and technical/product review
• Write clear, well-reasoned investment memos and present independent recommendations to our investment committee
• Own portfolio monitoring, follow-on recommendations, manager relationships and support through subsequent financings and exits
• Partner with Investor Relations and Operations teams to align investment conviction, allocation strategy, investor demand and closing timelines

• Experience in venture capital, growth equity, private equity, secondaries or another rigorous investing path
• Evidence that you can originate differentiated opportunities and build trusted founder, GP and investor relationships
• Strong financial modeling, valuation and diligence fundamentals, with the judgment to separate access from investment merit
• High-EQ investor who earns trust quickly with founders, GPs and counter parties and maintains it through difficult moments

• Experience in private secondaries, fund investing or a specific sector thesis that complements Duende's existing focus

• Base salary: $200,000–$250,000 commensurate with experience and responsibilities
• Variable: Performance bonus plus carry/promote participation
• Benefits: Medical/dental/vision, 401(k), flexible PTO