Swisher: Mega funds should avoid vertical SaaS in favor of platform companies
Lucas Swisher · Insights from Coatue's Growth Investor Lucas Swisher · 20VC with Harry Stebbings · Feb 23, 2026 · at 26:49
Lucas Swisher co-leads Coatue's growth fund. Responding to Harry Stebbings about whether vertical SaaS can generate sufficiently large exits for multi-billion dollar venture funds, Swisher argues large funds must target platform plays.
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“In today's world, if you have a big fund, I don't think that's where you should be focused. I think you should be focused on the absolute mega outcomes, the platform companies that are going to generate that disproportionate return, and you're actually going to get liquidity out of.”
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