New Fund
Closed Refactor Fund 5 at $50M, backed 100% by existing LPs. Five funds, ten years, one employee.
Refactor 5
MAY 7, 2026
Essay
Zal articulates why 2026 is the most exciting time in a decade to back hard tech founders, covering Refactor's seed thesis across aerospace, energy, bio, and critical materials.
Why hard tech is having its moment
APR 15, 2026
Essay
Zal makes the case for the solo GP model: removing internal management overhead means more time for founders.
Why I Stay Solo
APR 14, 2026
Essay
Refactor wrote the first institutional check into The Biological Computing Company, framing biological compute as a new computing substrate entering market.
The First Dollar of Biological Compute
FEB 10, 2026