Tunguz capped Theory Ventures' largest LP check at 12% of fund
Tomasz Tunguz · Tomasz Tunguz: How I Raised $230M; ChatGPT vs. Google; How LLMs Work; Trump vs DeSantis | E1004 · 20VC with Harry Stebbings · Apr 21, 2023 · at 5:48
Tomasz Tunguz discusses portfolio concentration constraints and LP check sizes for Theory Ventures.
0:00 / 0:03exact quote · 3.3s
▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark
“I think the largest LP is no more than 12% of the fund.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Tomasz Tunguz
Tunguz: Nvidia revenue concentration is 10x worse than Lucent during dot-com bubble
“So Nvidia, two customers for Nvidia represent more than 40% of revenues. Four percent represent more than 50% of revenues. I went back and looked at the dot-com era, the networking companies. NVIDIA is 10 times more concentrated in terms of revenue than Lucent…”
Tunguz: DeSantis will win the Republican primary over Trump
“I don't think so. I think, I bet DeSantis wins. I think it will be tough for him to circumnavigate all the legal troubles, and I wonder if the RNC doesn't get involved.”
Tunguz: AI coding progress is no longer on a steep improvement path
“Coding is no longer on this extremely steep improvement path.”
Tomasz Tunguz: Next market correction will be fast and brutal
“I think we're at a point where if there's some wobble, the magnitude of the correction will be fast and brutal.”
Tunguz: Agentic coding product-market fit ranks second only to search
“Look, I think product market fit for agent decoding is probably the best of any use case aside from search.”
Tunguz: Single fund closes are vanity metrics for VCs
“The purpose of a close date is just to drive people in unison to a cadence that you're trying to set. There's nothing magical about it. There's nothing terrible about having multiple closes. It's just a way of organizing a particular process. And that close da…”