01Where we workFrance · Dubai · United States · China

02FocusAI · Crypto · Fintech

01// A long-term capital firm

Capital for what compounds quietly

Tarn Capital is a long-term capital firm. We study patience as a discipline, not a mood.

Fig. 01
Möbius band

Fibers: 18
u ∈ [0, 4π]

One surface
one edge

Drag
to orbit

Fiber bundle Node in motion

Lake Tahoe and the Sierra Nevada, photographed from the International Space Station 258 miles above California and Nevada.

NASA / International Space Station · public domain

01 // Where we work

France · Dubai · United States · China

02 // Focus

AI · Crypto · Fintech

03 // First documented engagement

2017

02

We do not chase momentum. We study it.

One question guides our work: what compounds quietly?

03

Three areas where we look for companies at the beginning.

01 // partner experience

AI

We have worked on both sides of the model — building evaluation pipelines at OpenAI, shipping LLM infrastructure at Stack Labs, and watching how compute assets re-rate from the investment seat at H&H. The founders we back are the ones who understand that distribution, not the model, is the hard part.

02 // partner experience

Crypto

We have shipped protocol infrastructure at Kadena and MegaETH, run market-making and treasury operations at FermiSwap, and studied on-chain order flow at Hyperliquid. We know the difference between a token narrative and a product that people actually use.

03 // partner experience

Fintech

We have priced derivatives at JPMorgan, reviewed macro allocation at Fell Capital, and run growth at Txbit. The most interesting companies are not competing with banks — they are replacing the parts of the bank that nobody wants to own.

04

The person you meet is the person who decides.

01

Alex Liu

Founding Partner

Leads Tarn Capital, and invests at the point where a company is still deciding what it is.

02

Marcus Hale

Partner

More than a decade of early-stage investing across Silicon Valley and Singapore.

03

Julian Marsh

Partner

A founder before he was an investor, which is where his judgement comes from.

05

06

Founders · Investors · Media