Inside the Private Member Club Where VCs Close $100M Deals Over Caviar

The Deal That Started It All

On a Tuesday evening in October, Shu Chowdhury sat in the Founders’ Room at ZZ’s Club. The venture capitalist from Bowery Engine was sharing elevated versions of fast food with potential co-investors. They recreated a Filet-O-Fish using Dover sole and caviar tartar sauce.

By dessert, they had structured a $127 million funding round for a biotech startup. The private member club where VCs close deals had claimed another victory. This wasn’t unusual—it was Tuesday.

Welcome to the rarefied world where venture capital meets haute cuisine. Where handshakes worth nine figures happen over hand-rolled pasta.

The Psychology of Proximity

Malcolm Gladwell wrote about “the power of context” in crime reduction. The same principle applies to billion-dollar deal-making. Context shapes behavior, and exclusive private clubs create contexts that facilitate extraordinary transactions.

The psychology runs deeper than convenience. Private clubs create what behavioral economists call “status congruence bias.” When everyone in the room has achieved similar levels of success, trust forms faster. Risk assessments become more intuitive.

Core Club: The Command Center

At 711 Fifth Avenue, Core Club occupies 60,000 square feet across four floors. Membership costs up to $100,000 annually, but members consider it the best investment they make.

Former New York Mayor Michael Bloomberg frequents the club. So do managing directors from Goldman Sachs, founders of unicorn startups, and family office principals managing generational wealth.

The club’s art collection includes pieces by Alexander Calder, Richard Prince, and Andy Warhol. But the real masterpieces are the deals conceived in its private dining rooms.

Zero Bond: Where Tech Titans Converge

Zero Bond opened during the pandemic and immediately became Manhattan’s most coveted membership. The club admits only 200-300 new members annually, creating artificial scarcity that drives demand among tech elites.

Elon Musk has been spotted networking over the club’s famous chocolate chip cookies. Leonardo DiCaprio discusses impact investing in the private screening room. The club attracts what insiders call “the new elite”—tech founders who’ve disrupted traditional industries.

Unlike traditional clubs that emphasize heritage and legacy, Zero Bond values innovation and cultural influence. Professional success and social media presence matter more than family pedigree or alma mater.

The Network Effect Revolution

Traditional venture capital requires extensive due diligence, formal presentations, and committee approvals. Private member clubs compress these timelines through trusted introductions and informal conversations.

When a member of Core Club introduces another member to a startup founder, credibility transfers instantly. The introduction itself becomes due diligence. Risk perception decreases because social proof increases.

This network effect explains why veteran investors maintain multiple club memberships. Each club serves different functions in their investment ecosystem.

ZZ’s Club: Where Food Meets Finance

Located in Hudson Yards, ZZ’s Club represents Major Food Group’s foray into private membership. The club features a Japanese restaurant, cigar terrace, and private location for Carbone.

The Founders’ Room operates under a unique policy: chefs will prepare anything members want with 48 hours’ notice. This flexibility mirrors the club’s approach to business—accommodating extraordinary requests for extraordinary members.

Membership carries a $20,000 initiation fee and $10,000 annual dues. For venture capitalists, it’s a rounding error that provides access to the kind of spontaneous networking that leads to billion-dollar outcomes.

Aman Club: The Pinnacle of Exclusivity

With a $200,000 initiation fee, Aman Club sits atop Manhattan’s private club hierarchy. The club occupies the Crown Building, offering members access to pristine spaces designed for the global ultra-elite.

The celebrity-worthy spa spans three floors, featuring treatment rooms, a hammam steam room, and a banya sauna. But members aren’t paying for wellness facilities—they’re investing in proximity to other people who can afford $200,000 memberships.

Real estate developer Michael Shvo, who is also a partner in Aman Club, understands this dynamic. His building at 711 Fifth Avenue houses both luxury tenants and Core Club, creating an ecosystem where business and leisure intersect.

The Art of Casual Due Diligence

In traditional venture capital, due diligence involves lawyers, accountants, and extensive documentation. In private clubs, due diligence happens over drinks and dinner conversations.

Members observe how potential partners treat staff, handle disagreements, and discuss other investments. Character assessment becomes as important as financial projections.

This informal approach suits the accelerated pace of modern venture capital. Family offices now behave like private investment firms, requiring faster decision-making and more flexible structures.

Casa Cipriani: Italian Elegance Meets American Capital

Designed by legendary architect Thierry Despont, Casa Cipriani opened in 2021 in the restored Battery Maritime Building. The club combines Italian sophistication with American entrepreneurial energy.

Membership fees range from $1,000 to $2,000 for initiation, with annual dues between $2,500 and $5,000. This accessibility attracts younger professionals and creatives who might find traditional club fees prohibitive.

The pricing strategy creates an interesting dynamic—established venture capitalists mentor emerging investors while identifying promising startup founders among the creative membership.

The Ned NoMad: Soho House Sophistication

Nick Jones’s expansion of the Soho House concept into Manhattan’s NoMad district opened in 2022. The Ned combines Jones’s expertise in creating culturally rich environments with distinctly New York sensibilities.

The club attracts creative professionals, media executives, and venture capitalists who invest in consumer brands and entertainment companies. The member base reflects the convergence of creativity and capital in modern venture investing.

Investment themes often emerge from cultural trends observed in these environments. Venture capitalists identify market opportunities by watching how creative professionals adopt new technologies and behaviors.

Colette: Where Work and Wealth Intersect

With a $125,000 initiation fee and $36,000 annual dues, Colette offers private office spaces and co-working areas serviced by uniformed butlers. The club caps membership at 300, ensuring intimate networking opportunities.

Goldman Sachs vice-chairman Jim Donovan and fashion entrepreneur Tory Burch are spotted regularly. The club attracts members who want to mix work and wealth in elegant surroundings.

Private dining rooms provide perfect settings for venture capital presentations. Entrepreneurs can pitch investors in environments designed to maximize comfort and minimize distractions.

The ROI of Relationship Capital

Members calculate return on investment differently than traditional business metrics suggest. One family office executive reports earning back membership costs within months through deal flow and co-investment opportunities.

The calculation isn’t purely financial. Members gain access to exclusive events, cultural programming, and social validation that enhances their professional reputation.

For venture capitalists, reputation directly impacts deal flow. Entrepreneurs seek investors who can provide more than capital—they want access to networks, expertise, and social proof.

The Geography of Influence

Manhattan’s private clubs cluster in specific neighborhoods for strategic reasons. Midtown locations provide proximity to corporate headquarters and financial institutions. Downtown clubs attract tech entrepreneurs and creative professionals.

Core Club’s Fifth Avenue address puts members minutes from Central Park, luxury retail, and major hotels. This geographic concentration creates what urban planners call “agglomeration effects”—benefits that arise from proximity to similar businesses.

Venture capitalists leverage these effects by maintaining memberships across different neighborhoods. They can access diverse networks depending on investment themes and target sectors.

The Evolution of Deal-Making

Traditional venture capital emphasizes formal processes and institutional structures. Private clubs enable relationship-driven investing that predates modern venture capital.

This shift reflects broader changes in the industry. As wealth concentrates among individuals rather than institutions, personal relationships become more valuable than professional credentials.

Family offices, sovereign wealth funds, and ultra-high-net-worth individuals prefer investing through trusted relationships rather than anonymous fund structures.

Cultural Capital as Currency

Success in these environments requires understanding unwritten social codes. Members must demonstrate cultural sophistication alongside financial acumen.

Conversations about art, philanthropy, and cultural trends matter as much as discussions about market opportunities and financial returns. Venture capitalists who understand this dynamic build stronger relationships with potential co-investors.

Cultural knowledge becomes a form of currency that facilitates introductions and builds trust. Members who can discuss contemporary art at Core Club’s gallery openings gain credibility that translates to business opportunities.

The Technology Paradox

Many private club members made fortunes disrupting traditional industries through technology. Yet they seek membership in institutions that emphasize face-to-face interaction and personal service.

This paradox reflects a broader tension in modern business. As digital communication dominates professional relationships, in-person networking becomes more valuable, not less.

Private clubs provide refuge from the constant connectivity of modern business. Members can have uninterrupted conversations and build deeper relationships than digital platforms allow.

The Future of Elite Networking

The next generation of private clubs will likely blend traditional exclusivity with modern accessibility. Younger entrepreneurs expect different engagement models than established venture capitalists.

Technology will enhance rather than replace human interaction. Apps might facilitate introductions, but deals will still close over shared meals and face-to-face conversations.

The most successful clubs will adapt to changing member expectations while maintaining the exclusivity and discretion that makes them valuable networking environments.

Global Expansion and Local Influence

Core Club’s planned expansion to Milan reflects the globalization of venture capital. As investment opportunities become international, networking environments must follow.

However, local relationships remain crucial for deal sourcing and due diligence. Global clubs will succeed by maintaining strong local networks while providing international connectivity.

This evolution mirrors changes in venture capital itself—increasingly global in scope but still dependent on local knowledge and relationships.

The Measurement of Success

Private clubs don’t measure success through traditional business metrics. Member satisfaction, relationship quality, and cultural influence matter more than profit margins or growth rates.

For venture capitalists, success means access to exclusive deal flow, introductions to co-investors, and relationships that enhance their professional reputation.

The value proposition extends beyond business outcomes. Members gain access to cultural events, culinary experiences, and social validation that enriches their personal lives.

The Ultimate Power Move

In a world where information flows freely and capital markets operate efficiently, scarcity creates value. Private club memberships represent artificial scarcity that generates real advantages.

The most successful venture capitalists understand this dynamic. They invest in access, relationships, and proximity to other successful people.

As one Core Club member observed: “The art is great. The food is great. The members are powerful. Shit is getting done here that will affect your life whether you like it or not.”