The Illusion of Crowds with Francis O’Sullivan
On paper, capital is pouring into the energy transition. But where is it actually going? In this episode, Sanjeev Krishnan sits down with S2G Managing Director Francis O'Sullivan to unpack his new paper, "The Illusion of Crowds," a five-year, data-driven look at how $88 billion across 6,400+ deals has really been deployed, and why the market is far more concentrated than the headline numbers suggest. They get into why so-called "growth" rounds are often just large venture checks, how big funds co-investing with each other creates hidden risk for LPs who think they're diversified, and why the…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.