Mercedes Bent
speaker
417 appearances
1 recordings
1 series
first heard Sep 2025
last heard Sep 2025
Mercedes Bent’s voice in public audio — every appearance, attributed to the second.
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Appearances
So that's to me, like if you get it right, you can pull yourself out of these typical comparisons of competition or winning.
So
This is a long kind of circuitous answer to your question.
But ultimately, yes, I think it's harder for seed firms to win if they've now got into the stage of they're competing with a known asset.
So they should play a different game.
They should play the game of competing with themselves.
Yeah, I guess in terms of how I think about what different games we're playing, I think the largest firms
They have simplified the venture capital asset class question to, what can I put a billion dollars in that will give me three or five billion tomorrow?
And tomorrow is becoming, in the AI world, a shorter and shorter amount of time.
There was a tweet that caused a lot of consternation in all of my VC manager chat groups, which said something to the effect of, why are we all...
doing this, like, why are we all doing VC on hard mode?
Just like find an AI company to put a billion dollars into that will be worth 5 billion in 12 months.
And everyone could kind of stop and think about like, yeah, we all know there's a company like that would do that.
And so I think at the latest stages, the mega funds are playing a very different game.
To me, it almost feels like a new asset class entirely.
They're not playing the private equity game.
They're not playing early stage venture.
They're playing a kind of short-term horizon returns gain, but it's actually the IRR on these is pretty phenomenal.
The duration is more like PE.
The IRR is more like venture, but it is highly cyclical.
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