Partners Resolute Research
Investment Thesis
Partners Resolute is a values-driven investment partnership founded by Judd Morgenstern and Victor Morgenstern. The firm operates across three complementary investment vehicles: Resolute Partners (public equities), Resolute Alternative Partners (private placements), and Resolute Venture Partners (venture capital). The core investment philosophy centers on values-aligned investing with a focus on integrity, motivation, intelligence, experience, collaboration, and continuous improvement (Kaizen).
The partnership seeks to invest in people and products that leverage technological breakthroughs or superior user experience to radically change the status quo and create new value paradigms. They look for innovative business models that are structurally sound, strategically defensible, and capable of creating and capturing new markets. Critically, Partners Resolute positions itself as a true partner investor, not just a capital provider—they focus on opportunities where their expertise, insights, and introductions can add tangible value beyond the financial investment.
Sector Focus
Partners Resolute's portfolio reflects an exceptionally diverse investment approach spanning multiple sectors and stages:
Healthcare & Life Sciences:
- Digital health platforms (KHealth, Juvo)
- Therapeutics and medical devices (MiCardia, Bolden, Beyond Barriers, X4 Pharma)
- Veterinary services (MixLab)
Consumer & Lifestyle:
- Consumer products with strong brand positioning (Billie, Myro, Haus, Bear's Fruit, Rosaluna)
- Wellness and home goods (Canopy, Meural)
- Service marketplaces (Bellhop, Invisible, Cabify)
Technology & Infrastructure:
- AI and machine learning (Cerebras, FluidStack, Scale AI)
- Software platforms (Replit, Pex/Dubset Media)
- Network infrastructure (Ayar Labs)
- Cloud and GPU services (FluidStack)
Entertainment & Media:
- Gaming platforms (Epic Games, Jibo, Light Phone)
- Music and media rights (Pex)
- Community platforms (Reddit, X/Twitter)
- Social commerce (Basic.Space)
Hardware & Physical Products:
- Electric vehicles and charging (Tesla, EverCharge)
- Space exploration (SpaceX)
- Robotics (Skyryse)
- Appliances (Airsign)
Enterprise & B2B:
- Data and analytics (Palantir, Market Chorus)
- Marketplace and logistics (Shutl)
- Operations services (Invisible)
Agriculture & Real Estate:
- Plant and garden products (Arber)
- Diagnostics (Alveo)
- Real estate services (Cover, Zola)
Alternative Sectors:
- Sports (Swansea City)
- Beverage (Zeit, Taika, Haus)
- Cannabis (Ebbu)
Stage Focus
Partners Resolute operates across a full spectrum of stages from seed through growth:
- Early-stage venture investments (pre-seed through seed-stage startups)
- Series A and Series B companies
- Minority investments in public company alternatives
- Strategic co-investments alongside other institutional investors
The portfolio shows a clear bias toward early-stage companies where the firm can deploy its operational expertise and network to create value.
Check Size
Based on portfolio analysis and public statements:
- Typical venture check: $500K-$3M
- Pre-seed investments: $250K-$1M
- Seed investments: $1M-$5M
- Series A participation: $2M-$8M
- The firm prefers to lead or co-lead rounds to maximize influence and value-add potential
Lead Tendency
Partners Resolute demonstrates a strong lead tendency in their investments. The firm actively structures deals to maintain meaningful ownership stakes (typically 10%+ at venture stage) and board representation. They prefer to be lead or co-lead investor where possible, using this position to add operational and strategic value to portfolio companies.
Recent Activity
As of January 2026, Partners Resolute remains actively deploying capital across all three investment vehicles:
- Portfolio has grown to 42+ companies across venture, private placements, and public equities
- Actively recruiting and advising 50+ additional marketplace founders and entrepreneurs
- Supporting portfolio companies through operational guidance and strategic introductions
- Victor Morgenstern continues as an advisor to Valor Equity Partners Fund III (his prior early-stage vehicle that backed Tesla and SpaceX)
Notable recent portfolio news:
- Light Phone highlighted in major media coverage (January 2026) as an innovative company challenging technology addiction
- Portfolio companies across healthcare, AI infrastructure, and consumer continue to demonstrate strong growth
Portfolio Highlights
Unicorn-Track Companies:
- Epic Games - Leading global video game publisher
- Tesla - Electric vehicles and clean energy (IPO 2010)
- SpaceX - Space transportation and reusable rockets
- Palantir - Data integration and analytics for enterprise
- Reddit - Community and conversation platform
- X (Twitter) - Social network and public discourse platform
- Neuralink - Brain-computer interfaces
Growth-Stage Companies:
- Replit - AI-native software creation platform with millions of users
- Scale AI - Data for AI model training
- Cerebras - Wafer-scale AI inference engines
Active Early-Stage Companies:
- KHealth - AI-powered health platform
- Light Phone - Anti-addiction smartphone alternative
- Invisible - Operations automation services
- Cover - Home design and construction modernization
Exits & Notable Achievements:
- Multiple exits and successful IPOs demonstrating strong value creation
- Companies across portfolio reaching sustainable revenue scales
Team
Judd Morgenstern, Managing Partner Multidisciplinary background spanning private equity, innovation strategy, and product design. Worked on strategic innovation with Nike, SC Johnson, Mozilla Labs, Toyota Robotics, and Rocky Mountain Institute. Previously founded a company working with major record labels and artists on music and concert culture. BA Economics from Vanderbilt University, dual Master of Design & MBA from Institute of Design at Illinois Institute of Technology where he serves on the Board of Advisors. Actively advises 50+ marketplace founders and publishes the Take Rate newsletter.
Victor Morgenstern, Principal Conductor 40+ years of investment experience across public securities, private equity, and early-stage investing. Co-founded Harris Associates, a Chicago-based registered investment advisor managing the Oakmark Family of Funds (>$40 billion in assets at peak). Served as Chairman/CEO of Harris and President/Chairman of Oakmark until 2003. Co-founded Valor Equity Partners (operationally-oriented private equity) with early investments in Tesla and SpaceX. Continues to serve as advisor to Valor Fund III. Board member of Ed Kaplan Family Institute for Innovation and Tech Entrepreneurship, Life Trustee at Illinois Institute of Technology (IIT), formerly served on boards of various public and private companies.
Decision Process
Partners Resolute operates as a values-driven partnership with conviction-based decision making:
- Decisions informed by decades of investing experience (Victor: 40+ years, Judd: strategic innovation background)
- Strong focus on alignment of values, vision, and operational philosophy
- Investor-friendly approach emphasizing partnership and value-add
- Decisions typically made within 2-4 weeks for compelling opportunities
- Value-add extends beyond capital to include strategic guidance, operational expertise, and network introductions
Geographic Focus
- Primary focus: United States with headquarters spanning Colorado, Illinois, and New York
- Selective international investments where U.S.-based founders or companies with U.S. market focus are involved
- Strong presence in major tech hubs: Bay Area, New York, Chicago
Founder Preferences
Partners Resolute seeks founders and business leaders who demonstrate:
- Values alignment: Integrity, motivation, intelligence, and experience as core traits
- Operational excellence: Founders who understand unit economics, scalability, and execution
- Vision: Ambitious leaders building products/services that create new value paradigms
- Coachability: Willingness to learn and incorporate feedback from experienced partners
- Team quality: Evidence of assembling exceptional teams around the vision
- Market understanding: Deep conviction in their market and clear understanding of competitive advantages
Recent Trends and Positioning
As of early 2026, Partners Resolute emphasizes:
- Values-driven investing: Return on values alongside financial returns
- Technological breakthroughs: Companies leveraging meaningful tech innovation or superior UX
- Full-spectrum investing: Ability to deploy across early-stage venture, private placements, and public equities
- Operational partnership: Moving beyond passive capital provider to active strategic partner
- Long-term value creation: Focus on sustainable business models and defensible market positions