Evergreen fund

Optimally constructed, the progression often looks something like initial venture equity for R&D and product development, followed by targeted asset-based debt that serves as a wedge to unlock project-level financing once the core technology demonstrates commercial viability

While credit funds want to move earlier in the technology lifecycle and into new categories, they lack the agility and capacity to unlock this bottleneck. Their investment mandates, governance structures, and operational processes are fully optimized around mature assets with established cash flows, not emerging technologies at the point of commerc... See more

Financial history is marked by the redrawing of asset class boundaries by breakthrough companies, creative financiers, and macroeconomic shifts. This often happens at a shocking speed.

Recently the expectation-value for a founder pursuing an independently owned, boot-strapped or single angel-round funded company are even higher - “LLM-powered everything” drastically supercharges the small team versus the large incumbent with speed in iteration, and cheap scalability in traditional cost-driving areas like sales, marketing, custome... See more

low funding requirements past an initial pre-seed or angel round before sprinting to cash flow profitability; on the far side, vanishingly few credible opportunities for massive companies raising billions at extreme valuations.

historically high net margins in SaaS were an arbitrage on two things: limited developer talent, and the cost to deploy and scale SaaS services. Talent shortages and low market penetration of software-internet services enabled winner-take all dynamics in large markets - there was no real incumbents, and those who scaled quickly via venture capital ... See more

“Am I working with a 2% or a 20% venture firm?” The 2% firms are optimizing for deployment. The 20% are optimizing for large company outcomes.

institutional LPs will be less motivated to invest in emerging managers directly if they receive sufficient exposure to them through their existing fund investment