Lucas Swisher

speaker

1,350 appearances 2 recordings 2 series first heard Feb 2026 last heard 23 Feb

Lucas Swisher’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 2 in all, peaking in Feb 2026 with 2.

Appearances

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The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch · 20VC: Inside Coatue's $70BN Machine: Why Price Matters Least | Why Mega Markets are the Most Important | How to Assess Durability of Revenue and Margins in AI with Lucas Swisher · 23 Feb 2026 podcast

People have made a lot of money in vertical software over time.

Think about Insight, right?

They've had incredible exits in vertical software over time.

Multi-billion dollar exits.

In today's world, if you have a big fund, I don't think that's where you should be focused.

I think you should be focused on the absolute mega outcomes, the platform companies that are going to generate that disproportionate return, and you're actually going to get liquidity out of.

No.

A 3x is not enough to be exciting.

And the math is really simple, right?

Say I'm a fund and I'm CO2.

I want to make a 3x net return for my investors.

Sort of the baseline for what people would say is like a top quartile return, and people get really excited about 3x net return for a fund, 25% net IRR, something around those bands.

I'm going to have some things where I swing and I miss.

Say I have a 1X, I need a 5X on the other side of that.

Heaven forbid, I have a loss and I have a zero.

I need a six.

We obviously really try to avoid those, right?

If I have a two, I need a four.

So for me, I need to see a steady case where you can get that 3X.

But I really need to believe that if the company 3Xs, I want to put more money in because it can 3X again.

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