Subversive Capital

Subversive Capital is a New York-based investment firm founded in 2013 by Michael Auerbach, who previously worked in government risk consulting and at the Albright Stonebridge Group. It invests in "radical" companies whose missions challenge the status quo and require sophisticated regulatory and government navigation. Beyond venture investing, the firm operates across public market investing, whistleblower financing, ETFs, and shareholder activism, and has served as sponsor for major SPACs, including the largest cannabis SPAC in history. Its sector focus centers on highly regulated industries, particularly cannabis and psychedelics, alongside select bets in drones, gaming, and AI. Notable investments include Privateer Holdings, Tilray, Atai Life Sciences, Compass Pathways, Cybin, Fieldtrip Health, and The Parent Company (formed with JAY-Z as Chief Visionary Officer). Check sizes are not publicly disclosed. Subversive's approach centers on early identification of disruptive, regulation-heavy sectors before they gain mainstream acceptance, often taking board seats and using public-policy expertise to help portfolio companies navigate legal and political headwinds toward legitimacy and scale.