Insights
Notes from the partners. One thesis, written down.
Short essays on how we invest, what we are seeing across the four platforms, and the operating lessons from inside the portfolio. Longer pieces are published on Medium.
2026-02Thesis
2026-01Permanent capital
2025-12xpansionIQ
2025-11xPL Ventures
2025-10GP Stackers
Why capital works harder with operating advantage and software
The same base under four platforms: what we mean by operating advantage, and why software is the part most investors skip.
The factory floor is the most under-served market in American software
Thousands of profitable founder-owned businesses run on spreadsheets and phone calls. That is the opportunity, not the problem.
Landing in the US: what changes at the border for a B2B scale-up
Pricing, hiring, compliance and go-to-market all reset. A checklist from the partners who help companies through it.
Building software inside regulated industries, with the people who know the rules
Why slow-moving industries create durable moats for focused software, and how we choose which gaps to build into.
Backing emerging managers at the GP level
Sharing economics and operating load with the managers who see early-stage deals first.
