This document explores the performance of emerging versus established managers in the private fund industry, focusing on buyout, venture capital, real estate, and private debt strategies.
Ambitious startups will need a high value wedge and the product velocity to expand quickly, create innovative data loops, and establish themselves as a core user operating system or “system of intelligence”.
But I think that if it’s true that AI does more of the basic work that humans do, more people will work in Flounder Mode. We will have the luxury of following our curiosity, and curiosity is something that the LLMs seem to lack. It’s human.