T2D3 is a cross-border investment syndicate led by Abishek Surendran, a venture investor with more than 15 years of experience across venture capital and angel investing. Since launching the syndicate in 2020, Abishek has invested in early-stage startups in India and late-stage deep tech opportunities in the United States alongside a strong network of more than 350 investors.

Unlike many GPs who treat syndication as a stepping stone to launching a venture fund, Abishek intentionally chose a different path. He was already operating as a GP when he began syndicating, and the structure aligned with the way he preferred to invest.

Instead of managing a permanent pool of capital, the syndicate model allowed him to:

• Evaluate each investment independently‍
• Maintain flexibility on entry and exit decisions‍
• Avoid the portfolio construction constraints of a traditional fund

For Abishek, syndication isn’t a transition phase—it’s a deliberate strategy.

Challenge

Abishek did not start deal-by-deal investing because he lacked access to dealflow. With years of venture investing experience, he already had strong founder and investor relationships.

The challenge was structural.

Early-stage investing in India requires meaningful check sizes to participate in competitive rounds, but founders prefer clean cap tables with minimal investor entries. Bringing multiple LPs into a deal while maintaining a single cap table entry was difficult without a sophisticated structure.

At the same time, running early-stage investments individually introduced other constraints:

• Writing small personal checks limits ownership and allocation

• Coordinating multiple investors manually creates execution friction

• Founders need predictability on capital commitments
  

There was also a learning curve with LPs entering the asset class.

Many first-time angel investors approached startup investing like a single bet, rather than understanding the portfolio nature of venture returns. This created early expectations mismatches around timelines and outcomes.

Key challenges included:

• Pooling LP capital into one cap table entry

• Building predictable capital commitments for founders
  

• Educating LPs on the portfolio nature of early-stage investing
  

• Maintaining credibility with both founders and investors simultaneously
  

Solution

Abishek launched the T2D3 on AngelList India in 2020 to bring together LP capital through SPVs while preserving the flexibility of deal-by-deal investing.

What surprised him most was how similar the role felt to running a venture fund.

In both models, LPs ultimately rely on the GP’s judgment for:

• Selecting founders
  

• Managing investments
  

• Communicating updates
  

• Timing exits
  

The difference lies in structure.

A traditional venture fund requires portfolio-level decision making, where outcomes across investments influence exit timing and capital allocation. In contrast, T2D3 operates at the deal level, allowing each SPV to stand independently.

This structure created several advantages:

• Each investment can be evaluated on its own outcome
  

• Exit decisions are not constrained by portfolio balancing
  

• LPs control their own diversification across deals
  

The operational infrastructure also reduced friction in managing the mechanics of investing.

Instead of manually handling processes for every deal, a structured platform streamlined key workflows:

• Investor onboarding and documentation
  

• SPV creation and deal execution
  

• LP communications and reporting
  

• Compliance and operational coordination
  

Growing the LP Network

T2D3’s initial investor base came from Abishek’s existing venture network. Around 20–25 investors participated in the early syndicates, providing the starting foundation for the platform.

The network expanded primarily through referrals and repeat participation rather than cold outreach. As investors saw portfolio companies progress and gained familiarity with the process, many introduced friends, colleagues, and family offices into the syndicate.

Over time, a clear pattern emerged:

• Early LPs began with smaller exploratory checks
  

• As confidence grew, they started participating in multiple deals
  

• Investors introduced new LPs from their own networks
  

• Some gradually increased allocations into larger commitments
  

Consistent communication also played a role. Abishek regularly shares portfolio updates and milestones with LPs, helping maintain transparency in an asset class where outcomes take time.

Today, the syndicate has grown into a global LP network of roughly 360–370 investors, allowing T2D3 to participate in opportunities with greater predictability while maintaining a high-conviction investment approach.

Founder Relationships

Abishek believes that credibility matters more than check size in early-stage investing.

For founders raising their first round, securing the first or second check is often the most difficult step. A credible early investor can unlock the rest of the round by signaling confidence to other participants.

Many founders Abishek backed through T2D3 were entrepreneurs he had known before investing. Those relationships allowed him to move quickly and commit early.

The syndicate structure also allowed him to maintain a high-touch relationship with founders, especially during the fragile early stages of growth.

In practice, founders value investors who can:

• Provide early conviction
  

• Offer fundraising credibility
  

• Make relevant introductions
  

• Stay accessible during the company’s growth journey
  

At the earliest stages, personal credibility often matters more than institutional branding.

LP Education: The Hard Lesson

If there is one thing Abishek would approach differently, it is LP education earlier in the journey.

Many first-time angel investors initially approached startup investing as a one-off opportunity rather than a portfolio strategy.

But early-stage venture investing operates on a different probability structure:

• Only 30–40% of investments succeed
  

• Meaningful returns require multiple bets
  

• LPs must participate across many deals
  

As Abishek explains, investors who cannot commit to at least 8–10 early-stage investments may struggle to see the benefits of the asset class.

Setting those expectations early helped build a more aligned LP base over time.

Impact

Five years into its journey, T2D3 has developed an investment engine that operates across multiple markets.

Key outcomes from the model include:

• 350+ global LPs participating across deals
  

• A steadily growing investor base built through referrals and repeat participation
  

• Increasing predictability of capital commitments for founders
  

• Cross-border exposure across India and US deep tech markets
  

The model has proven scalable without transitioning into a traditional venture fund.

As Abishek puts it:

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