VC 3.0: Venture Capital Reimagined | Brian McNulty | Lingfeng Capital [EP. 311]

Brian McNulty has been building toward this moment for a decade. When he co-founded the Post Trade Distributed Ledger Group with the London Stock Exchange back in 2015, he was helping the industry imagine what tokenized funds might one day look like.

On April 21st 2026, he rings the bell at that same exchange to launch DVF — Lingfeng Capital's Digital Venture Fund — and the circle closes.In this episode, Brian and Pete trace the journey from FAC to the Apex exit to DVF, and dig into what VC 3.0 actually means: a venture fund first, a tokenized structure second, built to fix the distribution problems that have kept private markets broken for decades.They cover why the underlying investment case always has to come first, how Archax and LSEG's Digital Markets Infrastructure underpin the model, what structured transferability actually looks like in practice, who DVF is really for, and the real hurdles the industry still has to clear.

DVF is Lingfeng Capital's $100 million regulated tokenized venture fund investing in Series B through pre-IPO fintech, AI, blockchain, and digital infrastructure companies across global markets.

Find Brian on LinkedIn: https://www.linkedin.com/in/brianmcnulty/

EP 116 — the original FAC episode from 2020: https://www.moneyneversleeps.ie/116-all-these-funds-brian-mcnulty-and-fac/

CHAPTERS:

00:00 Introduction

00:45 From PTDL to Lingfeng — The Journey

02:00 What FAC Got Right and Wrong

03:15 Why Tokenization Alone Is Never Enough

04:00 Private Markets Distribution Is Broken

05:00 Venture Fund First, Token Second

07:00 How DVF Works — LSEG, Archax and VC 3.0

09:00 Structured Transferability vs True Liquidity

09:30 Who DVF Is For — Four Investor Buckets11:30 The Real Hurdles Left to Clear

13:15 Ringing the Bell at the London Stock Exchange

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#MoneyNeverSleeps #VentureCapital #Tokenization #PrivateMarkets #DVF #VC30 #Fintech #Blockchain #DigitalAssets #LingfengCapital #Archax #LSEG