Snow Ventures was a small special purpose fund designed to provide portfolio insurance to venture investors and startup employees. The fund invested capital into out of the money options on stocks most exposed to fluctuations in startup equity valuations. The portfolio was constructed by systematically screening global public equities for names with the highest valuation and the most overconcentrated investor base. The strategy was launched in early 2016 and performed at expectations for 18 months before returning capital to investors.