That’s Not Venture
In this episode, Earnest Sweat and Santosh Sankar unpack the rise of mega funds in venture capital, tracing how SoftBank’s Vision Fund, crossover investors like Tiger, and the AI boom led to extreme capital concentration among a small set of established firms. They explore how this shift changed fund pacing, incentives, and hiring inside large platforms, often prioritizing velocity of capital over thoughtful investing. The conversation then turns to what non-mega funds can do to thrive: defining a clear worldview and differentiated strategy, staying flexible enough to invest alongside mega…
The skinny
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