If you’ve read my previous memo, you know liquidity outcomes over the next cycle are going to be much different than the past 10 years

A new type of business has emerged - Intelligence-Native Companies (e.g. full stack, think AI law firm or AI M&A firm)

These businesses reach venture-scale returns because AI doesn't just improve margins—it unlocks entirely new markets that were previously impossible to serve profitably.

We believe the biggest opportunities in AI aren't in horizontal tools, but in vertical applications where domain expertise meets technical execution.

We do early-stage venture investments into these Intelligence-Native Companies with founders who understand their domain deeply enough to build defensible moats.

Read the full memo →