Heard from VC LPs this week: “An OpenAI or Anthropic direct allocation is the Birkin Bag 👜 of investing and the multi-layer SPVs are the knock offs” 🤣🤣🤣

Huge release from the @livekit team! You can now build, test, monitor and scale voice agents all from a single place. The future of voice ai is here!

Interesting data by @PeterJ_Walker and @cartainc What stands out: - over 12 years in, and only roughly half of funds have returned 1x DPI - 10 years in, the threshold for Top Q DPI in venture is 1.5x-2x (the action is is Top Decile)

Full write-up on @VulcanElements' $65M Series A now in Sourcery Linked below @AltimeterCap | @altcap | @ekriessmann

Once noted that they are as many PE/VC firms as NYC restaurants - so fitting that my summer 📚 were Unreasonable Hospitality ( @wguidara ) & Setting the Table by ( @dhmeyer ) Many parallels & lessons for IR/Cap Formation—here are 10 takeaways* 👇🏻 1. It’s all about how you make people feel - food (and returns) are critical to get right, but the experience is what keeps people coming back for more 2. Radical Listening to Deliver - You must observe intently so that you can provide a better experience, tailor offerings or address needs 3. Power of First Impressions - The tone of a relationship is often set in the first 10 seconds (we knew this but a healthy reminder) 4. Comes from Within - Great hospitality/starts starts with how you treat and communicate with your own team, then radiates outward to clients and the community 5. Small details can compound into deep loyalty - Small pieces of market intel, a relevant introduction to peers or portfolio companies, or even just remembering personal milestones can have a bigger impact than you appreciate 6. Anticipation Beats Reaction - Have long believed in no surprises in our business. Taking action ahead of the ask goes such a long way 7. Hospitality in the Heat - How you respond to crisis is way more defining than easy times. 8. People want to feel like they are part something bigger. Having investors and teams as partners means you are on a shared mission. Storytelling and communication is critical to emotionally connect 9. Consider Choreography - there is an emotional arc to fine dining - highs, rests and finales. VC is 10+ years not a few hours, but you can design touch points to keep momentum, optimism, and energy across way 10. Unreasonable / Enlightened Hospitality = investing energy and resources into giving customers/partners the best experience possible - going over and above (in matters that you can control). My own reflection - as GPs what are we doing to make our LPs experience that much better? *I was given these 📚 through the generosity of 2 people in the LP / GP - acts of Unreasonable and Enlightened goodness in & of themselves 🙏 **Not doing the books justice - strong recommendation!

Heard from VC LPs: The 3 letters of the summer: ✨SPV✨ When industry fundraising statistics are quoted they show weakness, but LPs have plowed $$ into massive SPVs this year - a shadow market that we all know is booming💥 Optimistic that the 3 letters of the year will turn out to be✨ IPO ✨ given @figma @circle & others. Exactly what we need to get traditional VC fundraising fluid again

XBOW is now the #1 hacker on HackerOne, globally. For the first time, our autonomous AI pentester tops the worldwide leaderboard. Next week at #BlackHat, we’re taking it live: We’ll run real-time on HackerOne programs—come see XBOW find vulnerabilities. 📍 Booth 3257

The case for concentration and a solo PM / GP model 🤣

Welcome @AltimeterCap to @X ! A strong start with some kick off content - a great way to get to know our VC founders and companies ! Give us a follow for more :) @apoorv03 @altcap @ekriessmann @jaminball @paulinebhyang @KimKBent

We asked @jaminball (Partner at Altimeter Capital) about AI's impact on design software and @figma specifically: "When Figma was founded, the entire industry used Sketch. Sketch was the equivalent to Excel for an investment banker." "They can't afford to be 'Sketched.' They can't let someone Figma them like they figma'd Sketch." "Dylan is still the CEO. It's a founder-led business with a history of execution over a decade-long period." "They will be successful and they will be the vendor to capitalize on this AI trend."