Friday Letter

Investors are eager to make money on aging venture assets, putting billions to work in three new venture secondaries funds.

Public markets are signaling they’re skeptical about AI valuations. Should Anthropic backers be worried?

What fund managers are experiencing is more complex than the headline numbers suggest.

Fundraising stabilized in the first half of this year, with VC firms worldwide collecting $45.2bn, the same amount they raised in H1 2025. But fundraisers are by no means out of the woods.

Seeking access to the most alluring start-ups, strong due diligence and help with bridging work cultural differences has led three Japanese companies to launch new funds managed by Pegasus Tech Ventures in the past month.

The acquisition of Cursor for $60bn will generate a massive return for at least one small VC, but the biggest winners will be large firms that have dominated fundraising.

Hype over AI-related productivity gains may be masking how AI agents hurt skill building and mastery by software engineers.

Just as power generation solutions have generated big returns in the IPO market, MEXT’s acquisition by AMD shows that companies solving capacity constraints in the AI tech stack have equally compelling exit potential.

With a gentle nudge by the BBB, large UK pension funds are starting to make good on their initiative to increase their allocations to venture capital vehicles.

Will the LP windfall from the Anthropic, OpenAI and SpaceX IPOs rejuvenate fundraising?