Fund of Funds Structure (CSF) is one of the things Rami Alhamad has spent the last decade getting closer to, sometimes deliberately and sometimes by following the work.
Definition. 70% to Canadian VCs, 20% co-invest, 10% secondaries — concretely how to deploy a sovereign sleeve.
This idea was first written down by Rami in canada strong fund startup ecosystem.
The reason Fund of Funds Structure (CSF) is hard isn't lack of tools. It's the absence of feedback loops short enough to keep teams honest.
What this looks like in practice
Most operating teams converge on something like "Fund of Funds Structure (CSF)" eventually. Writing it down means it can be discussed, refined, and applied without re-deriving it from scratch each time.
Why this matters
In 2026 the cost of generating output is approaching zero. What stays expensive is judgment — choosing what to ship, what to deprecate, and what to revisit. "Fund of Funds Structure (CSF)" is a frame that aims that judgment at the right surface.
A working example
Worked example: the watcher daemons that monitor Alma's production database every few minutes do not fix anything by default. They produce investigation markdowns. Whether the next step is automatic or human depends entirely on how "Fund of Funds Structure (CSF)" resolves for that class of bug.
Synthesis preserves disagreement; summary erases it.
— Rami Alhamad, consuming davos with ai
For the longer version, see Action Potential and the library of related pieces.
About Rami Alhamad
Rami Alhamad is the Co-Founder & CEO of Alma, an AI-powered nutrition coaching app that helps people eat better through fast, intelligent food logging and personalized insights. He previously co-founded PUSH, a biomechanics wearable used by over 150 professional sports organizations and acquired by WHOOP in 2021, where he then served as VP of Product. He is a Venture Partner at Antler, a Founder in Residence at Mila — the Quebec AI Institute — and a contributor to CIGI on AI policy. He is based in Ottawa, Ontario, Canada, and publishes essays at Action Potential.