You can buy puts. Puts are a form of insurance. That is why in general they command a premium when compared to calls at the same level when theoretically calls

You can buy puts. Puts are a form of insurance. That is why in general they command a premium when compared to calls at the same level when theoretically calls can go much higher than puts since the lowest a stock can go to is 0. However if the VC fund is an index of many different assets, then you need to figure out what percentage of their assets are in twilio and buy puts for that amount.