Asked how limited partners feel about so many venture funds now holding the same big positions in OpenAI and Anthropic, LP Amit Barta says concentration is what a mature venture fund should look like.
…lot of your holdings, for better or worse, are in the same brands. And your jobs really are to make sure that your institutions have a diversified portfolio. So how do you think about that? I mean, obviously, right now it seems like a great thing, but if things were to turn, it would be less great.
All right, you're going to start first because I started last time.
I would say, you know, venture has always been a power law business. And so I actually view the concentration as a good thing. You know, if we were getting to the maturity of one of our funds and we felt like there were still lots of tiny positions, something's gone wrong.
Yeah.
Like when we look at our funds that are 10 plus years old, they're starting to really consolidate into a few names. There's a lot of Databricks, a lot of SpaceX, a lot of Stripe. And in this generation of funds, like I would hope that there's a lot of Anthropic and a lot of OpenAI and a lot of. Of…
companies in the first half. So