What Deepwater Asset Management does

Deepwater Asset Management is a Minneapolis-based registered investment adviser founded in 2017 by three former Piper Jaffray technology equity research analysts — Gene Munster, Doug Clinton, and Andrew Murphy — operating across two complementary asset classes: venture capital and public equities. The firm manages $625M+ in assets under management and advisory across 13 funds, SPVs, and separately managed accounts, with a 75+ company private investment portfolio spanning SpaceX, xAI, Databricks, Redwood Materials, Not Diamond, CTGT, and Stone Power Technologies. Public-equity exposure is delivered through two Nasdaq-listed ETFs: the actively managed Innovator Deepwater Frontier Tech ETF (LOUP, $153M+ AUM, managed by Gene Munster) and the December 2025-launched Deepwater Beachfront Small Cap ETF (DBSC, 0.85% expense ratio, 100 holdings selected via a three-step proprietary Filter/Rank/Refine screening process). The firm also licenses intellectual property and acts as a sub-adviser to other investment advisers on an asset-based fee basis.

Deepwater monetizes through asset-based management fees on venture fund commitments (typical 2/20 structure), ETF expense ratios (0.85% for DBSC), and SMA/sub-advisory fees, with optional carried-interest upside from venture realizations. Distribution is dual-channel: venture interests and SMAs are sold direct to Qualified Purchasers and accredited investors through the firm's contact form and investor portals (Aduro Advisors, Securitize, MG Stover), while ETFs are distributed via Quasar Distributors through Fidelity, Robinhood, Charles Schwab, Vanguard, and E-Trade. The firm's go-to-market emphasizes thought leadership — the Insights blog, an annual Deepwater AI Summit, and frequent CNBC/Bloomberg appearances by managing partners — positioning the brand as a specialist in frontier technology investing. Underlying technology is rule-based rather than novel: proprietary scoring algorithms power public-equity selection, while deal sourcing in venture leverages the team's deep Piper Jaffray-pedigreed technology research network and the AI Summit's ecosystem of portfolio companies and Fortune 500 attendees.

Name

Deepwater Asset Management

Legal name

Deepwater Asset Management, LLC

Website

https://deepwatermgmt.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Deepwater Asset Management is a Minneapolis-based registered investment adviser that manages $625M+ across venture funds (75+ private investments) and two Nasdaq-listed ETFs (LOUP frontier tech, DBSC small cap), serving qualified purchasers, accredited investors, and retail brokerage clients.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Open-End Investment Funds (52591), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282)

akta.pro primary industry

Small-Cap Equity (Active) (FSAAAIAC)

akta.pro secondary industries

Managed Account / SMA Multi-Manager Platforms (FSANAGAL), Advisory Portfolio Management (Non-Discretionary) (FSAAABAD)

Keywords

• Investment management services
• Venture capital funds
• Exchange-traded funds
• Public equity investing
• Separately managed accounts

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Venture Capital Management Fees and Carried Interest: Deepwater manages venture funds (Deepwater Venture Fund I and II) earning management fees on committed capital and carried interest on realized gains from private investments including SpaceX, xAI, Databricks, Redwood Materials, and 75+ private companies.
2. Public Equity ETF Management Fees: Deepwater manages public equity ETFs (LOUP and DBSC) earning management fees based on assets under management. The DBSC ETF has an expense ratio of 0.85%. LOUP (Innovator Deepwater Frontier Tech ETF) tracks frontier technology companies with assets exceeding $153 million.
3. Separately Managed Accounts: Deepwater manages separately managed accounts for qualified investors, earning asset-based fees. The firm states it is compensated only with an asset-based fee in its capacities as a licensor of intellectual property or sub-adviser to an investment adviser.
4. Sub-Advisory and Intellectual Property Licensing: Deepwater earns asset-based fees as a sub-adviser to other investment advisers and as a licensor of intellectual property. The firm explicitly states it is not compensated through commissions or transaction-based fees.

Pricing tiers

Go-to-market motion4 records

Distribution channels3 records

Marketing channels6 records

Core offering

Deepwater Asset Management is a registered investment adviser that manages $625M+ across 13 funds, SPVs, and separately managed accounts spanning public equities and venture capital. Its public-equity offerings include two actively managed ETFs — the Innovator Deepwater Frontier Tech ETF (LOUP) and the Deepwater Beachfront Small Cap ETF (DBSC) — while its venture arm invests across early- and late-stage technology companies via Deepwater Venture Fund I and II. The firm also provides separately managed accounts and sub-advisory / intellectual property licensing services, earning asset-based fees and not commissions.

Product overview

Deepwater Asset Management is an investment management firm offering a diversified suite of investment products across public equities and venture capital. The firm operates two actively managed ETFs: the Deepwater Beachfront Small Cap ETF (DBSC), which focuses on high-quality small cap equities using a proprietary three-step selection process, and the Innovator Deepwater Frontier Tech ETF (LOUP), which tracks frontier technology companies including AI, fintech, robotics, and autonomous vehicles. Additionally, Deepwater manages venture funds including Deepwater Venture Fund II, which invests early and late-stage capital in transformative technology startups. The investment strategies are unified by deep fundamental analysis and forward-looking insight across both public and private markets.

Differentiator

Problem solved

Functional benefit

Brands

• Deepwater Venture Fund II: The venture capital fund through which Deepwater makes early and late-stage venture investments.
• Deepwater Beachfront Small Cap ETF (DBSC)
• Innovator Deepwater Frontier Tech ETF (LOUP)

Products and services

• Deepwater Beachfront Small Cap ETF (DBSC) Actively managed ETF designed to own the highest-quality small-cap equities, narrowing 2,000 candidates to 100 of the best holdings using a rules-based screen, proprietary Deepwater algorithm scoring on financial strength, profitability, growth potential, and management quality, and human review. Targets the "beachfront properties" of the Russell 2000. Available to retail and institutional investors through Fidelity, Robinhood, Charles Schwab, Vanguard, and E-Trade.
• Innovator Deepwater Frontier Tech ETF (LOUP) Actively managed ETF tracking companies driving technological transformation including artificial intelligence, fintech, robotics, autonomous vehicles, and virtual or augmented reality. Managed by Gene Munster with assets exceeding $153 million. Available to retail and institutional investors on Nasdaq.
• Deepwater Venture Fund II Venture capital fund investing in early- and late-stage transformative technology companies, providing capital, strategic insight, and long-term partnership to visionary founders. Used to make investments such as Payman and Stone Power Technologies. Available to Qualified Purchasers and accredited investors through Deepwater's investor portals.
• Separately Managed Accounts Customized portfolio mandates for qualified investors, earning asset-based fees. Available through Deepwater's direct onboarding process to qualified investors who reach out via the website contact form.
• Sub-Advisory and Intellectual Property Licensing Deepwater acts as sub-adviser to other investment advisers and as a licensor of intellectual property, earning asset-based fees in both capacities. The firm explicitly states it is not compensated through commissions or transaction-based fees.

Quantifiable outcome

• DBSC ETF applies a three-step process narrowing 2,000 small-cap candidates to 100 highest-quality holdings, aiming to isolate 'beachfront properties' of the Russell 2000 and avoid the lowest-quality quartile that drags index performance.
• +1 more outcomes

Named customers3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered minor, key ecosystem partner, key portfolio ecosystem and portfolio ecosystem.

• Global-E Online (position)minorOthers · 1 January 2026Deepwater Asset Management held a position in Global-E Online (cross-border e-commerce technology platform, Israel), selling 247,864 shares valued at approximately $8.72 million in Q1 2026, cutting its position roughly in half. Deepwater retained 144,199 shares worth an estimated $3.97 million (2.82% of portfolio) following the sale.
• OpenAIkey ecosystem partnerStrategic or Co-development Partner · 1 January 2025OpenAI participated in the Deepwater AI Summit 2025 as a featured speaker (Will Saborio, Sales Leader at OpenAI), alongside portfolio companies and other AI leaders. Deepwater's venture portfolio includes AI-adjacent companies that could benefit from OpenAI ecosystem developments.
• Databrickskey ecosystem partnerStrategic or Co-development Partner · 1 January 2025Databricks participated in the Deepwater AI Summit 2025 (Josh Lillie, Director of Startups). Deepwater's portfolio includes Databricks as a late-stage investment. Databricks works with 60%+ of Fortune 500 and is a leading enterprise AI data platform.
• Anthropickey ecosystem partnerStrategic or Co-development Partner · 1 January 2025Anthropic participated in the Deepwater AI Summit 2025 (Ryan Libster, Head of Sales, Claude for Work). Anthropic represents a key player in the AI ecosystem relevant to Deepwater's frontier technology investment thesis.
• Invisible Technologieskey portfolio ecosystemStrategic or Co-development Partner · 1 January 2025Invisible Technologies (Matt Fitzpatrick, CEO) participated in the Deepwater AI Summit 2025. Deepwater is an existing investor. Invisible spun out Infinity Constellation, which Deepwater also invested in. Invisible is building custom AI applications for large enterprises and uses a 'cyborg workflow' blending AI with human effort.
• Fastinoportfolio ecosystemStrategic or Co-development Partner · 1 January 2025Fastino (AJ Christensen, Head of Product) participated in the Deepwater AI Summit 2025. Fastino develops task-optimized AI models and is part of Deepwater's venture portfolio ecosystem.
• Hydraportfolio ecosystemStrategic or Co-development Partner · 1 January 2025Hydra (Aaron Ginn, CEO) participated in the Deepwater AI Summit 2025. Hydra is a GPU rental marketplace and part of Deepwater's venture portfolio.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• ARK Invest: ARK is the closest direct peer to Deepwater: a thematic, tech-focused asset manager that sells active ETFs (ARKW, ARKK, ARKF, etc.) while also running private/venture-style exposures and leaning heavily on founder-led media presence (Cathie Wood). Same dual public-private model targeting frontier technology investors.
• Coatue Management: Coatue runs a public-private crossover model focused on technology — public equity long/short hedge fund plus a venture arm. Comparable to Deepwater's structure of running venture funds alongside liquid equity products and targeting AI/infrastructure themes.
• Point72 Asset Management: Point72 runs a tech- and consumer-focused long/short hedge fund with venture-style private investments and a strong research culture led by founder Steve Cohen. Similar mix of liquid and illiquid technology exposure plus a founder-driven brand.
• Tiger Global Management: Tiger Global pioneered the public-private crossover model in technology, running a public equities hedge fund alongside multi-stage venture investing. Deepwater's venture + public ETF + SMA combination mirrors this structure at a smaller scale and narrower thematic focus.
• Altimeter Capital: Altimeter is a tech-focused public-equity hedge fund with growing crossover venture exposure (e.g., early OpenAI/AI infrastructure bets). Its dual-mandate structure and concentration in frontier technology closely matches Deepwater's venture + ETF + SMA approach.

Broad incumbents

• Andreessen Horowitz (a16z): While primarily a venture firm, a16z has expanded into public-equity-style exposure (a16z crypto fund, growth-stage public writing checks) and sits in the same AI/tech-thesis orbit. Comparable as a large, brand-led, founder-driven investor in the same portfolio-company ecosystem as Deepwater.
• General Catalyst: General Catalyst appears as a co-investor alongside Deepwater in multiple venture rounds (CTGT, GetASAP, Stone Power) and runs a multi-stage venture platform with growing crossover activity into later-stage and public-adjacent tech. Comparable as a tech-focused multi-vehicle platform investor.
• WisdomTree Investments: WisdomTree is a thematic and fundamental-factor ETF issuer offering products like small-cap dividend growth and AI exposure. DBSC competes in a similar retail brokerage slot for small-cap and thematic equity exposure, though WisdomTree's offering is far broader and lower-fee.
• Capital Group: Capital Group is one of the largest active asset managers with deep fundamental research and a multi-channel ETF, SMA, and mutual fund distribution. Not a direct thematic peer, but a key competitor for capital flows into actively managed small-cap and growth strategies at the retail and HNW segments where Deepwater also competes.

Regional players

• Innovator ETFs: Innovator is the sub-advisor/issuer partner for LOUP and offers defined-outcome and thematic ETFs. They sit adjacent to Deepwater — they are the distribution wrapper around Deepwater's LOUP strategy and represent how a thematic ETF product reaches retail through advisor channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/deepwatermgmt
• LinkedInlinkedin.com/company/deepwatermgmt

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments13 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Deepwater Asset Management