About M31 Capital
M31 Capital is a research-driven investment firm focused on technology paradigm shifts. Our systematic framework identifies structural changes before they reach consensus—an approach that has delivered exceptional returns for sovereign wealth funds, family offices, and institutional investors who rely on our research.
We are not a traditional fund that produces research as marketing. We are a research organization that invests based on what we find.
The Role
We’re looking for a Portfolio Manager to join M31’s investment team, reporting directly to the CIO. This is a senior role with significant autonomy and responsibility. You’ll source and evaluate opportunities, write investment memos, pitch to the investment committee, and work closely with the CIO on portfolio construction, sector exposure, and asset positioning.
The right candidate has real experience managing capital. Maybe you ran your own fund. Maybe you were a PM at an established firm. Either way, you’ve made investment decisions with meaningful dollars at stake—not paper portfolios or theoretical allocations. You understand what it means to have conviction, to size positions appropriately, and to be accountable for outcomes.
You’re also someone we can put in front of clients and investors without hesitation. Polished, articulate, and credible. Our LPs include institutional investors and large family offices; they expect to interact with professionals who speak their language while also understanding the technology at a deep level.
This role spans both private and public markets. You should be comfortable evaluating early-stage venture opportunities alongside liquid token positions. You understand that these markets are interconnected—that venture thesis often precedes liquid market expression—and you can think across the full capital structure.
Responsibilities
- Deal sourcing — Identify and cultivate investment opportunities across M31’s coverage areas, leveraging your network and market knowledge to surface deals before they reach consensus
- Due diligence — Lead comprehensive analysis on potential investments, including technical evaluation, competitive positioning, team assessment, tokenomic modeling, and risk analysis
- Investment memos — Write clear, rigorous investment recommendations that articulate thesis, risks, sizing rationale, and exit considerations
- Investment committee — Present and defend investment recommendations; engage constructively with pushback; refine thinking through debate
- Portfolio construction — Work with the CIO on sector allocation, position sizing, correlation management, and overall portfolio strategy
- Asset positioning — Monitor existing positions and market conditions; recommend adjustments to exposure based on evolving thesis or risk factors
- Client interaction — Participate in LP meetings and investor calls; contribute to client communications and reporting
What We’re Looking For
The Profile
Experienced investment professional with a track record of deploying capital in technology and digital assets. You’ve been accountable for investment outcomes—not just analysis or recommendations, but actual P&L. You combine deep market knowledge with the judgment and temperament to manage risk in volatile environments.
Requirements
- Investment track record. You’ve managed capital professionally—as a PM, GP, or running your own fund. You can speak to specific decisions, sizing rationale, and outcomes. We’re less interested in where you worked than in what you actually did.
- Cross-market fluency. You understand both venture capital and liquid markets. You can evaluate a seed-stage protocol investment and a liquid token position with equal rigor. You think about how private and public markets interact.
- Digital asset expertise. You have deep knowledge of blockchain technology, DeFi, and crypto markets. Not surface-level familiarity—genuine understanding of protocol mechanics, tokenomics, governance, and on-chain dynamics.
- Institutional presence. You can represent M31 to sophisticated LPs, family offices, and sovereign wealth funds. Clear communication, polished materials, appropriate judgment about context and audience.
- Independent judgment. You form your own views and defend them. You’re not swayed by consensus or social proof. You can disagree constructively and update your thinking when presented with better information.
- High agency. You take ownership of problems and drive them to resolution. You don’t wait for permission or instruction. You operate with urgency and follow through.
Values Alignment
We’re looking for someone who genuinely believes in what this technology represents—not just its return potential. You should resonate with:
- Self-sovereignty — The right of individuals to control their own assets, data, and digital identity without intermediary permission
- Permissionless innovation — Open protocols that anyone can build on, fork, or improve without gatekeepers
- Privacy as a human right — Not something to be negotiated away for convenience or surrendered to state surveillance
- Anti-authoritarian technology — Systems designed to resist capture, censorship, and centralized control
- Sound money — The case for Bitcoin as a monetary system beyond the reach of political manipulation
What We’re Not Looking For
- Analysts who want the title. If you’ve never actually managed capital or been accountable for investment outcomes, this role will be a stretch. We need someone who has done the job, not someone who wants to learn it.
- TradFi tourists. If your crypto experience is limited to reading research reports and tracking prices, you won’t have the depth this role requires. We need someone who understands the technology and the markets from the inside.
- Consensus followers. If you need external validation for your views, you’ll struggle here. We invest in paradigm shifts before they reach consensus—which means taking positions that most of the market thinks are wrong.
- Mercenaries. Compensation matters, but if you’re purely optimizing for economics, we’re probably not the right fit. We want people who are genuinely aligned with what we’re building.