Venture, specifically, is at this point in time where one of two things has to happen if you’re a venture firm. You have to get really big, and know what the hell you’re doing with deep sophistication, or stay really small and really, really, precise.
Over here you have Benchmark: five, six guys who are unbelievable practitioners of their craft, building a hugely successful, impactful business, but $200–$500 million dollars at a time.
Then there’s what we’re doing: multi-asset class, everything from seed to eventually private equity, credit, public hedge fund — but the overlay is tech. You can take down tens of billions of dollars of capital. Then you have market pricing power and the ability to help really shape outcomes. That’s going to be necessary in some of these really hard markets where you can’t just write $5 million cheques and help these companies.
You have to go and sit down with Ford and say, “Let’s create a program together to solve autonomy.” You have to sit down with the big HMO’s and say, “You want to do something in precision medicine? Let’s reinvent the entire stack together.”
https://www.youtube.com/watch?v=Nqy6CcU84Xs (16:00)