By: Rico Franco
To the average person, the term investment is often equated with a hit-or-miss scenario: you strike it lucky, you win big, but if the investment goes south, you lose everything. To those who are familiar with investments, however, this is not always the case. This is almost second nature for Baltazar Moreno, managing partner at Moreno Capital.
Moreno had been monitoring the venture capital landscape even before it underwent a dramatic shift following the 2023 funding collapse. While many investors retreated to safer harbors due to economic uncertainty, Moreno leaned into the chaos. “The opportunities come up when others are paralyzed by fear,” Moreno says. As the founder of Moreno Capital, he plays a key role in late-stage venture investing and strategic asset allocation, navigating a landscape where AI, evolving geopolitical dynamics, and supply chain shifts are influencing global investment trends.
Changing Gears From Engineering To Investment Strategy
Baltazar Moreno’s path to investment leadership was not a conventional journey. An engineering graduate from Universidad Adolfo Ibáñez in Chile and an MBA holder from Pepperdine Graziadio Business School, his career took him through venture capital, private equity, and investment banking before he founded Moreno Capital.
“My engineering background taught me to see patterns where others see noise,” Moreno explains, “investment is fundamentally about solving complex problems with incomplete information—not unlike designing systems that must function in unpredictable environments.”
The transition from engineer to investment strategist was not without challenges. Moreno recalls the steep learning curve when he first entered the venture capital world. “I had to unlearn the engineer’s instinct for perfection. In investing, you’re making decisions with 70 percent of the information you’d ideally want. Waiting for 100 percent means missing the opportunity entirely.”
Finding A Path Through The 2025 Investment Landscape
The investment world Moreno operates in today bears little resemblance to what it was just three years ago. Global seed and angel investment volumes, which plummeted by 43 percent from Q1 2022 to Q1 2023, have begun to recover but with a markedly different focus.
“We’re seeing a fundamental shift toward earlier-stage investments,” Baltazar Moreno notes, “the average pre-seed round has quadrupled from $500,000 in 2019 to about $2 million today. This isn’t just about throwing more money at startups—it’s about recognizing that technological reinvention in AI, fintech, and biotech allows companies to demonstrate scalability with less initial capital.”
Moreno Capital has recently launched a newsletter, offering investors curated late-stage venture opportunities. Another key factor influencing investment strategies is the evolving global landscape. Moreno highlights the NATO Innovation Fund’s €1 billion venture capital initiative as an example of how shifting priorities are impacting capital flows. “We’re seeing the rise of what I refer to as ‘strategic capital’—investments that align both financial and security interests. This opens up new opportunities for those with expertise in technology, security, and global commerce.”
Building Resilience in a Multipolar Economy
Perhaps the biggest challenge facing investors in 2025 is navigating what Morgan Stanley analysts have dubbed “slowbalization,” which refers to the decentralization of the global economy into regional power centers.
Baltazar Moreno states, “The classic supply chain management model is dead. Organizations are undergoing fundamental adjustments in their production and distribution networks. For investors, we need to identify companies that aren’t just disrupting industries but building resilience into their business models.”
Moreno’s approach to this challenge demonstrates his engineering mindset. “We look for companies using AI-driven predictive analytics to predict demand shifts and optimize inventory levels. The winners in this new environment will be those who can maintain operational resilience while adapting to rapidly changing market conditions.”
Disclaimer: This article is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any financial instruments. Investment decisions should be based on careful consideration of individual financial circumstances and consultation with a licensed financial advisor. The past performance of investments is not indicative of future results, and all investments involve risk.
Published by Jeremy S.
