Niche VC firm with an investment in a similar product?

I am wondering how you would approach a VC firm if they already have an investment in a similar competitor from their portfolio?

This VC firm specializes in a certain niche of technology and they already have vested interest in a competitor.

Since it's common culture for them to not sign nda/nca how is it possible to approach them without fear that they would just take your info and IP that makes your product different and just tell their investment client?

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