Insights

Notes from the
agentic frontier.

Thesis, market analysis, and tactical advice from inside the firm. Written for the management teams building the next era of autonomous software — and for the LPs partnering with us.

Featured·Thesis

Why Agentic AI Is the Next Platform Shift

Every decade produces one platform shift that resets the rules. Mobile did it in 2007. Cloud did it in 2010. Agentic AI is doing it now — and most investors are still pricing it like traditional software.

April 28, 2026· 9 min read

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Strategy

The SMB Opportunity in Agentic AI

Every AI investment thesis has the same slide: "selling to the Fortune 500." We think they're all wrong. Here's why the real money in agentic AI is in the SMB stack — and why nobody's building for it.

April 14, 2026 10 min read

Operators

What We Look for in an Agentic AI Company

We've reviewed hundreds of agentic AI businesses in the last twelve months. The pattern that separates the companies we partner with from the ones we pass on has almost nothing to do with technical depth.

March 31, 2026 8 min read

Markets

The Picks-and-Shovels Trap in AI Investing

"Sell picks and shovels during a gold rush." It's the most repeated piece of investing advice in AI right now. It's also why so many firms are about to lose money.

March 17, 2026 9 min read

Thesis

Beyond Co-Pilots: Autonomous Agents

The first wave of generative AI gave us co-pilots — assistants that suggest, draft, and recommend. The next wave doesn't ask permission. It just gets the work done.

March 3, 2026 8 min read

Thesis

Vertical vs. Horizontal AI Agents

Horizontal AI promises to do everything for everyone. Vertical AI commits to doing one thing for one industry. Only one of these is a durable, scalable business.

May 5, 2026 9 min read

Strategy

AI Agent Pricing: Outcome, Usage, and Hybrid

Per-seat pricing was built for SaaS, where one seat equals one human. Agentic AI breaks that math. Here's how the best agentic companies are pricing — and what we look for in their unit economics.

April 21, 2026 10 min read

Operators

How to Partner with a Private Equity Firm in 2026

Growth partnerships for AI companies in 2026 look nothing like a 2021 fundraise. Here's a practical playbook from a firm that acquires and grows established businesses — what to have in order, what to share, and how the process actually works.

May 11, 2026 11 min read

Thesis