Jeff Horing

Software's just growing.

We're barely scratching the surface on what we do already.

Why can't we just do more of good deals in the category we love and know?

If we put aside all those other ideas and said, we're not going to just chase bigger deals because they're bigger.

We'll do a bigger deal because the world's gotten bigger.

That's fine.

Databricks, if you just divide everything by 10, looks like a great classic growth deal.

There's nothing unique about it other than it just happens to have more zeros in its business model.

OpenAI, even more true.

If you just turn 12 billion into 12 million, you're like, wow, this is a fast growing company.

Why wouldn't I jump at writing a $10 million check?

So some of this was just looking at a world that's just gotten tremendously bigger to when we first started, where that would be a good reason to write a bigger check.

But if we sort of just said, we're going to keep the same underwriting criteria in the same market and just grow with the market, market's getting bigger, which means there's more good deals out there.

We're really good at winning them and finding them.

Why shouldn't we consider them?

Why should we just stick to some smaller strategy or artificially constrain what we do?

If understandable, you want to keep a bar high.

And we've definitely over the years sometimes fucked that up and been caught up in the moment, if you will.

We looked at scale in that lens and we're like, this is win-win-win.

We were in the right position to do it because we were organizationally already aligned on sourcing.