Vishria: High-multiple VC returns are no longer restricted to early stage
Eric Vishria · Everyone Is Still Undersizing the AI Market | Eric Vishria · Invest Like The Best · Aug 11, 2026 · at 1:01:14
Benchmark General Partner Eric Vishria explains the rationale behind Benchmark raising a growth fund, arguing larger market outcomes enable high-multiple returns beyond early stage.
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“Recently, relatively recently, in the last few years because outcomes have gotten so much bigger and these markets are bigger and everything else, The circle of high cash on cash multiple opportunities is bigger than just early stage. And it's not so, so big that like there's like a gazillion new companies in there that you can generate a hundred X's on. That's not true. But there are certainly many outside of early stage where you can generate really high, high returns.”
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