Theory Ventures

“Yeah, it's about eight to 12 initially.”

“It's about 12 to 15 portfolio companies. You have significant concentrations, so you probably have like 40 to 50% of the fund in the top three holdings, maybe more.”

“So about 50% of the capital was for new relationships, about half of the capital.”

“It took about a 150 LP meetings. So the fundraising market was a very challenging one over the last couple of months, I'd say, but it took about a 150 meeting about a 150 LPs. And the way I thought about it was, I mean, you know me, I thought about it just lik…”

“Maybe I want to say like a quarter to a third of the LPs I only met after they committed in person. And that's probably an overhang from COVID where a lot of funds were raised entirely virtually and people are comfortable.”

“I think the largest LP is no more than 12% of the fund.”

“I think the answer is the one that it's always been, which is better execution is the moat.”

“And then we've taken a twenty billion parameter model and said Claude Code teach this little model how to call tools. And we can get to 97, I mean, this is a venture capital firm. Yes, we have a great head of AI, but we're not a research lab, and we can get to…”