Q Is venture capital eating the world? Or is venture capital scaling so much that it's eating into other asset classes? We're seeing mega funds. I'm interested to think about what's durable about your approach to investing. What's additional? What's substitutive? How is venture changing?
A I think from the minute I entered venture to, to today, venture has gotten nothing but more competitive. It's, uh, it, it, it, As an asset class, it's gotten more and more competitive, and people get more and more aggressive. Um, we're in a very interesting time where people have grown funds to the size of, of equivalent to the largest PE funds, and, um, they're moving money, um, especially, you know, you just had to call us on, you know, you look at the Stripe or the Databricks case, they're using those large funds to convince the companies to stay private longer, maybe forever, Uh, that's just a very different world than the one that I grew up in. Um, I think they turn around and the people that do those rounds turn around and tell the LPs, their, their investors, look, if you want exposure to these growth years in these companies, you need to come through us. And so you, they, if I were using cynical words, I'd say they've hijacked the, the, the, the growth years of these early IPO companies. You know, Amazon went public below a billion in market cap. Like, it's hard to fathom that, you know, today with, with what we have going on here.
AI assessment note: “grown funds to the size of, of equivalent to the largest PE funds”