Matt Murphy

speaker

612 appearances 1 recordings 1 series first heard Jul 2026 last heard 27 Jul

Matt Murphy’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 — 1 in all, peaking in Jul 2026 with 1.

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The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch · 20VC: Leading Anthropic's First Ever Round | Will Open Source Threaten Anthropic's Business | Do Margins Matter in a World of AI | Why Triple, Triple, Double, Double is Not Good Enough Today | Why Series A is Hard Today with Matt Murphy @ Menlo · 27 Jul 2026 podcast

So let's do an SPV.

So I don't think you have to do it.

I think oftentimes it's valuable to be able to do it because you can play offense if you need to write more capital to win a round.

And obviously it can be helpful to a company that you come with more strength.

I mean, there's a side of it where you could say like, well, look, it's kind of extra economics at times to go outside your fund mandate and be more full stack and not let somebody else take it.

But I think for the most part, for us, it's just like, let's kind of keep our fund size at a level that we think makes sense for the environment.

And if an amount of capital per company goes outside that, then let's bring in our LPs.

It's tough because in this environment, the markups are happening so quickly.

You know, you're like, well, relative to when we invested, this multiple is amazing, but it's complicated, right?

Like I think if you're a believer, I think more than ever, we're in an environment where your outliers, your winners will compound quickly.

and drive fund returns.

So those are certainly not the ones you want to sell from.

Now, you can argue you might have some LPs, some, you know, if it's an older fund, some dynamics like that, where you want to give liquidity, but that would be like, maybe you take 10, 20% off the table.

But for the most part, if we're in a winter, we want it to run, we want to put in more capital.

And then at some point, you know, you feel like the company is maturing or maybe they're waiting a super long time to go public.

And you'd like to say, take some chips off the table.

But it's not something we spend a lot of time on.

When were you like... Maybe I'll go back even, I'll expand your window to 24 months.

When we did the SPV, Anthropic wasn't a household name yet.

Like we saw everything going on and like how amazing this company was.

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