Jeff Horing

It's just a little bit harder because the scale has changed.

But we look for these sub a billion is really the sweet spot that we could consider.

But to find hyper growth assets

shareholders willing to exit is still tricky.

Most of the deals getting done under that are getting bought for really strategic reasons where the financials can't even be imagined and modeled out, right?

Palo Alto pays $500 million for 30 guys in Israel.

That's a different game that we can't really compete with.

What's your marginal one?

We're about 12 billion.

We're deploying three plus billion a year in invested capital across a range of strategies, but we definitely don't feel capital constrained to the opportunity set.

I think if we were to, and I don't think this is part of our strategy, lean in on some of these

big late stage growth rounds, you could envision a bigger fund.

Certainly others have raised money specific to target that type of deal flow, but that's not really the thing that that's more of a better version of that vision fund where you're buying into open AI or anthropic and big volume at late stage prices.

You've had a bunch of folks on this podcast I've heard who've talked about the changing private public market dynamics.

And Databricks is still a private company at this scale is sort of unheard of.

You could argue OpenAI is still a young company, relatively speaking to the timing of its revenues.

But for reasons that maybe represent just the shifting of capital, companies are staying private longer and doing basically IPO plus plus plus rounds in the private markets.

We look at these like we look at anything else through a lens of what's the forecast, what's the likely exit value and what's the return on that capital.

Once in a very rare while, you see something at size that prices in a way that you feel like you can make risk adjusted venture like returns.

It starts with some internal meetings, investment committee, people's new deals, partners meeting to spend time together and saying, so this is first day back kind of day in this case, but that would be a typical Monday.