AI

LPs are writing big checks for AI-focused funds managed by the industry’s largest players while turning away smaller players or funds that aren’t all-in with AI.

LPs in the firm’s earlier funds include California Public Employees’ Retirement System, Children’s Hospital Corporation Pension Plan, Adams Street Partners and Kaiser Permanente Washington Defined Benefit Plan.

LPs in past funds include San Francisco Employees Retirement System, Denver Employees Retirement Plan, State of Wisconsin Investment Board, University of Hawaii Foundation and UPMC Master Trust.

Among the LPs that have signed on to the new vehicles are New Mexico State Investment Council and San Mateo County Employees' Retirement Association.

The Chicago-based firm closed on $200m for its sophomore fund, with LPs including state retirement funds, funds of funds, endowments and large family offices.

While the firm's venture capital and growth equity team favors re-ups with existing fund relationships, it spends a disproportionate amount of time with new managers to learn what's emerging in the market.

Growing familiarity with AI and machine learning is helping break down investors’ natural resistance to category-defying technologies.

Parul Singh is targeting the gap between what AI agents can do and how much developers trust them to do it unsupervised.

LPs in the Fort Worth-based VC firm’s previous funds include the Massachusetts Institute of Technology Basic Retirement Plan, Crown Cork & Seal Company Retirement Plan and The Miles Foundation.

The managing partner of Prysm Capital talks about his childhood in Seoul and why parenting has made him a better investor.