NVP's whole $80 million fund would buy 4% of Vulcan Elements at its current mark

Divide the $80 million NVP Capital closed for its second fund in 2025 into the roughly $2 billion mark Fortune puts on Vulcan Elements, the rare earths startup NVP backed early, and the entire fund comes to 4 percent of one portfolio company's paper value ^[2][3][1]. A fund that size cannot write pro rata checks into a round priced off $2 billion, so whatever ownership NVP holds was bought early and thins as later money arrives. Fortune did not report NVP's stake in Vulcan Elements or the size of the firm's first fund ^[16].

The deals section of the same newsletter is where the sums get bigger. Celero Communication, which builds technology to move data between AI data centers, raised $275 million in a Series C led by CapitalG, Atreides Management and Valor Equity Partners ^[11]. TAR, in Austin, raised $120 million from Spark Capital for off-grid power systems for AI data centers ^[13]. Forus, an AI healthcare company in New York, raised $150 million led by Bain Capital Ventures ^[12]. Three rounds, $545 million, about 6.8 times NVP's whole second fund, and $395 million of that total, 72 percent, went to companies whose customer is a data center ^[2][3][4].

Crowe's case for the category starts with demand that showed up in 2020 and has held since. "COVID put a spotlight on supply chain, travel, logistics, energy, power," he said ^[9]. On what carries it now, he told Fortune: "We're at the intersection of where AI meets the physical world, and it's impacting everything, including space, robotics, and manufacturing" ^[8].

The exit is where the venture framing gets tested, and Crowe described a buyout playbook. "For some of these legacy manufacturers, there could be a roll-up play... The options become real as you demonstrate how critical these industries are and how well they can perform," he said, adding that exits will likely involve some combination of IPOs and M&A ^[6][5]. "There are multiple ways to create venture-like returns in this space," he said ^[7].

On this evidence the fundable slice of reindustrialization is narrower than the word implies. Fortune describes private capital and venture dollars flowing into everything from manufacturing to defense to energy, and the day's largest rounds went to interconnect and off-grid power for data centers ^[10][4]. The counter-case belongs to Crowe, and it is a decent one: an early stake in a company now marked at $2 billion can return an $80 million fund several times over without a single follow-on check, and he has been in the sector since 2020, before it got crowded ^[2][3][1]. NVP's other names include Laborup, Haptica Robotics, Class8, Optimal Dynamics and Upwell ^[4].

An exit at or near $2 billion, and cash back to the limited partners in the 2025 fund, would settle it ^[3][2].