Peter Lacaillade

But I do think there are parallels.

to one thing I was saying to Nabil at Thrive, I think it was yesterday, because they came in last week to demo some of their tools they're using, their AI tools internally, as well as what they're doing with their accounting platform.

And it was so impressive.

I think that's a firm that has had continuous evolution.

And they started off with friends and family.

It was like 7 or 8 million.

But then 40 million, we came in a year later when he raised 150.

They were known for doing seed in Series A. There's a lot of consumer in there.

But from the beginning, Thrive was very clear saying, we're stage agnostic, industry agnostic.

they didn't want to be put in a box.

And I think that's good.

I think some people probably say too much in their fundraise in the early days.

They maybe box themselves in too much.

Josh did the opposite.

He was very open on that.

But they've continued to evolve and they've, I think, emerged as one of the most important growth investors in the world.

What they're doing right now with their holding company doing buyouts, utilizing AI to really enhance some of these fragmented industries.

And there's a lot of folks out there, there's hype around, oh, okay, use AI to do like roll ups.

You see deals getting done where a couple of engineers from a top company might get $8 million on a $40 million valuation to go do a roll up.

They don't have a broad set of skills, no private equity experience.