Legion

Hot take that'll annoy the GPs reading this: you are not going to educate an LP. You think you're early and they're slow. You're not. They just don't believe what you believe, and no deck is going to fix that. The GPs who win stop preaching and start listening to what LPs already want.

Some of the sharpest investors in venture run one-woman funds. 7 female solo GPs worth following in 2026: 1.@caseykcaruso : Topology Ventures. Ex-Google engineer who raised $75M for her first fund. Backs frontier stuff: AI, neurotech, aerospace. 2. @minal_hasan: Cyphr VC. Spent years as a venture lawyer on 150+ financings before she started writing the checks herself. Fintech, AI, anything heavily regulated. 3. @lolitataub: Ganas Ventures. Built a 100k-person founder community first, then raised the fund off the back of it. Invests across the US and Latin America. 4. @KatieS: Moxxie Ventures. On fund three now, $95 M. Ran media at X before this. Proof solo doesn't have to stay small. 5. @PickensAllison: Allison Pickens Ventures. Former Gainsight COO who works with founders like a part-time operator. B2B SaaS and AI. 6. @anneleeskates: Parable. Left a16z, where she backed Whatnot and Cider, to do her own thing in consumer. 7. @paigefinnn: Behind Genius Ventures. Raised her first fund at 23. Save it for your next raise.

@JunaidAckroyd The answer seems clear rn if you look at the charts x.com/uselegion/stat…

Who is winning the AI race? - Anthropic - OpenAI - Deepmind - xAI

@sahilypatel This is showing in the valuation race as well x.com/uselegion/stat…

anthropic is assembling the most cracked team in tech in the past 18 months, they've hired: - peter bailis (workday cto) - bryan mccann (you com cto) - mike krieger (instagram co-founder) - sam ghods (box cto) - henry shi (super cto) - niki parmar (adept ai cto) - karpathy sensei (openai founding member) and now john jumper (nobel laureate) hard to bet against this team

The market is starting to pick a Winner in the AI IPO race. We’ve been tracking how investors are pricing Anthropic and OpenAI For most of the last two years, OpenAI led. Now, Anthropic has taken the lead, and it’s starting to pull away.

There’s a collective delusion in VC: that great founders come from the right school, background, resume, or pedigree. Dan Gray (@credistick) on why that’s the easiest way to miss the best founders.

You don't need 60 newsletters on private markets. You only need these 10. Save it for the weekend. 1. Mario Gabriele (@mariogabriele) - The Generalist Mario goes way too deep on one company a week, in the best way. You come out knowing the business better than people who work there. 2. Dan Primack (@danprimack) - Axios Pro Rata If a deal happened, Dan already wrote the five sharpest sentences about it. 3. Eric Newcomer (@EricNewcomer) - Newcomer The guy who gets the scoops on what's really going on inside VC firms, and isn't shy about writing them. 4. Byrne Hobart (@ByrneHobart) - The Diff Like having the smartest person you know explain how finance and tech connect. Dense, but worth it. 5. Samir Kaji (@Samirkaji) - Venture Unlocked Where the LP and GP world stops being a black box. If you're raising or allocating, just subscribe. 6. Uninvited Capital -> uninvitedcapital.substack.com Original data and deep research on private markets, plus the week's most important moves. For LPs and GPs who want the real numbers. 7. Tomasz Tunguz (@ttunguz) The SaaS and venture benchmarks everyone ends up screenshotting for their board decks. Tomasz just posts them. 8. Odin (@JoinOdin) Odin's research makes you question what you assumed about how venture works. Power laws, why pattern-matching flops, all of it. 9. Murph Capital (@murphcapital) Research, events, and community built for emerging VCs. A good read on where the next wave of managers is heading. 10. Citrini (@citrini) Calls the big themes before the timeline catches on, then tells you how to trade them. Was early on AI and GLP-1. Who do you read that we missed? Tag them.

@LD103006 @CendanaCapital @screendoorvc 🫡

@uselegion @CendanaCapital @screendoorvc Good list!

The hardest money to raise in venture is your first institutional check. These are the LPs who back first-time funds: 1. Cendana Capital (@CendanaCapital) Michael Kim's fund-of-funds. Anchors very early-stage and micro VC funds, often on Fund I. 2. Screendoor (@screendoorvc) Built for one purpose: anchoring new managers raising their first institutional fund. 3. Recast Capital (@RecastCapital) Backs emerging managers and runs an enablement program for women-led funds. 4. Plexo Capital (@PlexoCapital) Founded by Lo Toney (@lo_toney). Backs diverse GPs and first-time funds globally. 5. Chris Douvos (@cdouvos) Ahoy Capital. The self-described "SuperLP," backing emerging managers others pass on. 6. Beezer Clarkson (@Beezer232) Runs @Open_LP, MD at LGT Capital Partners. Maybe the most public emerging-manager advocate in venture. 7. Samir Kaji (@Samirkaji) CEO of Allocate, host of Venture Unlocked. Has backed first-time managers for 20+ years. Save this for your next raise. Who else actually backs first-timers? Tag them.

@Noah_L @CendanaCapital @screendoorvc @CrossoverVC 🤝

@uselegion @CendanaCapital @screendoorvc @CrossoverVC has backed ~30 funds, with nearly all being Funds 1-3

Hot IPO Summer mood board: prediction markets, fintech, defense, crypto, AI, quantum. We are so back?

FTX’s 1,000,000% missed upside. SpaceX agreeing to buy Anysphere/Cursor for $60B makes FTX’s old venture book worth revisiting. The estate sold what it had to sell. But in hindsight, stakes tied to Cursor, Anthropic, SpaceX, Robinhood and Genesis Digital became one of the clearest missed-upside stories in private markets.

@Nrcoope @ManuKumar @K9Ventures @cartainc @lyft @twilio @auth0 @BarrelVentures 🤝

@uselegion @ManuKumar @K9Ventures @cartainc @lyft @twilio @auth0 @BarrelVentures

Some of the best investors in venture run their funds completely alone. 6 solo GPs and angels worth knowing: 1. Manu Kumar (@ManuKumar) K9 Ventures (@K9Ventures). The original pre-seed solo GP, since 2009. Co-founded @CartaInc. Early in: @lyft, @twilio, @auth0 2. Ben Ling Bling Capital (@blingcapital). Makes the call in hours, no committee. 19 unicorns backed. Early in: @airtable, @Quora, @Square 3. Semil Shah (@semil) Haystack (@HaystackVC). Solo GP since 2013, one of the originals. Early in: @DoorDash, @Instacart, @HashiCorp 4. Brianne Kimmel (@briannekimmel) Worklife Ventures (@worklifevc). Operator turned solo GP, betting on the future of work. Early in: @deel, @supabase, @webflow 5. Mac Conwell (@MacConwell) RareBreed Ventures (@RareBreedVC). Built the entire fund publicly on X, backing underrepresented founders. 6. Zach Holman (@holman) Not a fund, just one person and 230+ angel checks. Ex-@github and @gitlab, now building @signedco. Who should make the next one? Tag a solo GP we missed.

@LevanonAdi @eladgil @stripe @Airbnb @Pinterest @coinbase @orenzeev @SelahVentures 🤝

@uselegion @eladgil @stripe @Airbnb @Pinterest @coinbase @orenzeev 👋 solo GP @SelahVentures

Some of the best funds in venture are run by exactly one person. Here are 9 solo GPs worth knowing: 1. Elad Gil (@eladgil) Raised $1B+ solo. The biggest solo VC there is. Early in: @stripe, @Airbnb, @Pinterest, @coinbase 2. Oren Zeev (@orenzeev) Calls himself "One Man VC." Navan's IPO alone was a ~$1B payday, solo. Early in: @Navan, @Houzz, @Chegg 3. Lachy Groom (@lachygroom) Ex-Stripe, invests under his own name. Early in: @figma, @NotionHQ, @workos 4. Josh Buckley (@joshbuckley) Founder turned solo capitalist. Invests across stages, no firm around him. 5. Packy McCormick (@packyM) Turned the Not Boring newsletter into Not Boring Capital. Audience first, fund second. Early in: @tryramp, @scale_AI, @Replit 6. Turner Novak (@TurnerNovak) Built Banana Capital (@BananaCap_) off his timeline. Memes to a real fund. Early in: @chainguard_dev, @secureframe, @BrowseAI, @BeReal_App 7. Nichole Wischoff (@NWischoff) Wischoff Ventures (@WischoffVC). Operator turned solo GP, building in public. Early in: @Topkey_io, Nickel, Ansa 8. Harry Stebbings (@HarryStebbings) Started a podcast at 18. Now runs 20VC (@20vcfund), $400M+ raised. Early in: @airwallex, @BottleCapAI 9. Robby (@robby_mtf) Modern Technical Fund (@mtf_vc). Solo GP. Early in: @DrataHQ, @getfossa, Detections dot ai Save this before your next raise. Who should make the next one? Tag a solo GP we missed.

@fabrizio_builds @eladgil @stripe @Airbnb @Pinterest @coinbase @orenzeev 🤝

@uselegion @eladgil @stripe @Airbnb @Pinterest @coinbase @orenzeev Next can you do the worst ones? 😁

Hyperliquid is no longer on top. With $SPCX public and Ventuals sunsetting, the pre-IPO book is thin, and Binance now owns both lead slots.

@coinbase The pre-IPO arena is looking prime for a shake up ngl x.com/uselegion/stat…

Pre-IPO perps on Coinbase open up access to get exposure to early price discovery on top companies. SpaceX was the first. Anthropic and OpenAI are up next.