Ilya Fushman

We see companies growing at big scale faster than ever before.

We see AI penetrate all facets of our lives, whether it's on the consumer side with search, media.

We have video models that are still on the come.

And then on the work side, we see companies fully transform how they operate.

whether it's across legal and professional services with Harvey, healthcare with Open Evidence, transportation and autonomy with Waymo.

And we're still very much in the early innings of all of this.

If we look at how some of the leading AI forward companies operate and we compare that to the more traditional companies, the opportunity to penetrate the enterprise with AI is just infinite from where we sit and that's reflected in the funds.

So our model is pretty simple.

We try to back companies as early as possible out of our venture funds.

And as they hit inflection, as they hit escape velocity to really concentrate and double down with our growth funds, sometimes we see things a little bit later.

And so we come in with a very high conviction, big check out of our growth funds straight away.

But the really exciting thing we're seeing in the market today is that as companies hit really large scale, like in the case of Anthropic that we've really never seen before,

the opportunity to back these as they progress to escape velocity is near infinite.

And so that really is reflected in the fund structure.

So the venture fund, we're looking for application layer companies.

We're looking for infrastructure companies.

We're looking for autonomy.

And as models become cheaper and more performant, the physical economy becomes an opportunity.

But as these companies then hit scale, hit growth, we really concentrate with our growth funds.

Ilya, we see extremes at both ends of the spectrum.