Neil Mehta

We're scouring the world for founders that we think are going to build future S&P 500 companies at the exclusion of everything else. But if you think about the job to be done in our industry, it's been layered. People that have injected complexity in ways that are so counterintuitive. There are firms whose only job is to do fintech in Brazil.

We're scouring the world for founders that we think are going to build future S&P 500 companies at the exclusion of everything else. But if you think about the job to be done in our industry, it's been layered. People that have injected complexity in ways that are so counterintuitive. There are firms whose only job is to do fintech in Brazil.

There are firms that their only job is to do everything that comes out of Y Combinator. Their only job is to do New York City consumer startups. It's become this specialization of our industry. That goal I mentioned, that Green Oaks goal, of course, I don't think everybody would agree that that may be their end state goal, but they have maybe a different job to be done on a day-to-day basis.

There are firms that their only job is to do everything that comes out of Y Combinator. Their only job is to do New York City consumer startups. It's become this specialization of our industry. That goal I mentioned, that Green Oaks goal, of course, I don't think everybody would agree that that may be their end state goal, but they have maybe a different job to be done on a day-to-day basis.

Our industry is more like, I think this is investing generally. Investing, it's a game of reducing complexity. It's a game of reducing noise. There's too much noise.

Our industry is more like, I think this is investing generally. Investing, it's a game of reducing complexity. It's a game of reducing noise. There's too much noise.

And I find the people that are willing to have the intestinal fortitude to dramatically reduce the noise and make their job extremely simple and have the temperament to allow it to be so simple, to know that you only need 110 points of IQ to do this, the number of people that I feel we compete with on that is very, very low.

And I find the people that are willing to have the intestinal fortitude to dramatically reduce the noise and make their job extremely simple and have the temperament to allow it to be so simple, to know that you only need 110 points of IQ to do this, the number of people that I feel we compete with on that is very, very low.

These were 100 times. I think it was $2 billion when Don Valentine did NVIDIA, and now it's $200 billion or something like that.

These were 100 times. I think it was $2 billion when Don Valentine did NVIDIA, and now it's $200 billion or something like that.

Two things are allowed to be true at the same time, which is... Our space has too much capital and it's actually less competitive for great companies. And I'll try to explain those, the economy. A lot more companies are getting funded. Thousands of companies will get funded by really great investors.

Two things are allowed to be true at the same time, which is... Our space has too much capital and it's actually less competitive for great companies. And I'll try to explain those, the economy. A lot more companies are getting funded. Thousands of companies will get funded by really great investors.

And if you look at the matrix we just described, you divide by sector, industry or whatever, it's geography, stage. By and large, people are doing investing. It sort of looks like painting with numbers or something like that. You're looking for certain types of characteristics around growth rate. And by the way, venture capital didn't invent this.

And if you look at the matrix we just described, you divide by sector, industry or whatever, it's geography, stage. By and large, people are doing investing. It sort of looks like painting with numbers or something like that. You're looking for certain types of characteristics around growth rate. And by the way, venture capital didn't invent this.

Summit and TA have been doing it on the growth side for a long time. Insight's pretty good at it. On the private equity side, the entire industry works this way. If it's a 21 IRR, you do it. It's a bulge bracket private equity. If it's 21 IRR, you do it. And if it's an 18 or 17 unlevered, you don't. Maybe that's even true. But those are kind of the numbers. I think the mistake people are making...

Summit and TA have been doing it on the growth side for a long time. Insight's pretty good at it. On the private equity side, the entire industry works this way. If it's a 21 IRR, you do it. It's a bulge bracket private equity. If it's 21 IRR, you do it. And if it's an 18 or 17 unlevered, you don't. Maybe that's even true. But those are kind of the numbers. I think the mistake people are making...

is this is not the private equitization of our industry. These are founders building companies. Now, private equity goes to the highest bidder. Every company essentially goes to the highest credible bidder that could move fast and straightforward. In our industry, I can't think of a single company in our portfolio, not one. Tell me if you can think of one in yours that took the highest valuation.

is this is not the private equitization of our industry. These are founders building companies. Now, private equity goes to the highest bidder. Every company essentially goes to the highest credible bidder that could move fast and straightforward. In our industry, I can't think of a single company in our portfolio, not one. Tell me if you can think of one in yours that took the highest valuation.

They took some combination of the partner, brand, speed, the understanding, the capability of that firm, and valuation. Now, that doesn't mean you could be the lowest valuation. That's certainly not what I would claim. In fact, I think in some cases, we are the highest valuation too. But we have differentiated insight on why we are willing to pay that without sacrificing returns.

They took some combination of the partner, brand, speed, the understanding, the capability of that firm, and valuation. Now, that doesn't mean you could be the lowest valuation. That's certainly not what I would claim. In fact, I think in some cases, we are the highest valuation too. But we have differentiated insight on why we are willing to pay that without sacrificing returns.