Alpaca VC originated from real estate operator Corigin and still runs a dedicated real estate platform that provides off-balance-sheet real estate capital to their tech companies—something most VCs can't offer—while their four general partners all come from founding companies themselves and explicitly focus on "speaking a founder's language" rather than just sitting on boards. They run formal 90-day "Field Study" research sprints into specific themes to pre-identify opportunities (over half their 2022 investments came from these studies), and use their dual structure of VC fund plus real estate platform to match portfolio companies with institutional real estate capital for companies that need both equity and large real-asset facilities to scale.