Ananth Narayanan

@pavithran_pc Aaah shit here we go again

urge to side quest a new product 😭

@Samirkaji @pavithran_pc

I talk to thousands of LPs every year. Here's what I'm seeing right now when it comes to how they're approaching VC. 1) Late-stage co-investments have never been hotter. The top 5-7 names have effectively *unlimited* demand. And that supply/demand imbalance has created three real issues: First, the question of *true* access. Many of the SPVs floating around for these companies are not sanctioned by these companies. Buyer beware. These companies are tight on their cap tables, and access can be gated beyond just capacity. The fee creep is getting egregious. Someone shared with me recently that for a top AI lab, a group was charging 15% upfront, 20% carry, and 30% over a 2X. At those economics, you can take what would be a generational company but a bad investment. Fees are the silent killer of returns in late-stage co-invest, and this risk is now being focused on the logo, but ignoring the fee effects. Additionally, for those who aren't getting access to the top companies must go a tier (or two) below. Very dangerous in a high-intensity / valuation market for AI. As I've mentioned, there will be a lot of expensive mistakes made as we figure out what winners will look like in the future. 2) Capital is flowing to large, established brands. This is the clearest trend right now. LPs are concentrating on the top multi-stage and Series A firms. The logic is straightforward: these are easier to underwrite, and given how extreme the power law has become, investors want exposure to the trophy assets soon after investing. If you're a top 10-20 brand, you're oversubscribed, sometimes in multiples. If you're not, the fundraising environment is a different world. 3) Emerging and emerged managers are in the toughest spot, with a notable exception. Spinouts from top firms and operators with strong brands are moving fast and generally very oversubscribed. For everyone else, the bar has never been higher. I think this is actually where the opportunity is for LPs If they have the time/expertise to do so. The issue isn't that LPs don't know this. Most do. The problem is twofold: the time and difficulty of sourcing and diligencing emerging managers is real, and the hangover from 2019-2021 is still very present. A lot of people tried VC during that era who probably shouldn't have, and the failure rate on those Fund 1s has made the entire segment harder to navigate. Matching supply and demand here has become nearly impossible. Supply (Managers) far exceeds demand due to the issues noted.

@HarryStebbings Dude @HarryStebbings you should checkout hub.indianvcs.com @pavithran_pc

Every quarter I send an LP update: Everyone does this through mailing lists. Do not do this. I spend 4-6 hours individually sending personalised emails to each LP. Over 85 emails personally sent every time. Response rate is 95% compared to 15% on a mass update list. Do the unscalable things to build trust and relationships.

Loving this read: "The war-risk market therefore operates under a hard capital ceiling of approximately $1 billion in annual premiums and a handful of treaty reinsurers whose aggregate capacity cannot absorb a single major total-loss event." Link: shanakaanslemperera.substack.com/p/actuarial-wa…

I love tigerfeathers drops - this even healthcare is really engaging. Loved reading debarun's blog as well as 'the Hospital Rake': open.substack.com/pub/debarun/p/…

An Indian company based in Bangalore has one of the most GOATed cap tables I’ve seen: Khosla Ventures, Founders Fund, 8VC, and Lachy Groom. That company is @even_healthcare, cofounded by @meeyanki and his cofounders Matilda and Alessandro. Everything about the company, from its origin story to its mission and operating model, is extremely fascinating. If this works, it will alter the way healthcare is delivered in this country by instituting a radical change: aligning the incentives of healthcare providers and insurers with those of the patients themselves. We’re proud to cover the story of this company at Tigerfeathers, through this exceptional essay written by the incredibly talented @DebarunKarmakar. I hope you enjoy this tale which covers the origins and possible future of Indian healthcare! (link below)

@nitinsharma1 Screw podcasts, i need an exclusive Career Stories walk across BLR for this! Limited seats lol

@pavelprata @mercury @cartainc @sydecario @brexHQ @CooleyLLP @frankrimerman @NotionHQ @SlackHQ @attio @pavithran_pc - unleash the VC stack of GODSSSS

My recommended tech stack for emerging VCs: Fund setup Bank: @mercury Fund admin: @cartainc SPVs: @sydecario ManCo banking: @brexHQ Legal: @CooleyLLP Accounting: @frankrimerman Fund modeling: G Sheets General Workspace: G Suite + @NotionHQ Messaging: @SlackHQ CRM: @attio CRM + Relationship mapping: @RingsApp Scheduling: @calcom / @blockitAI Call transcripts: @meetgranola Video: G Meet / @loom IR LP chats: WhatsApp / G Mail Decks: @figma Docs: @NotionHQ / G Docs Doc tracking: @papermarkio AI AI Agents: @NotionHQ Automation: @claudeai Complex workflows: @zapier / @n8n_io Research Media: @murphcapital Data: @harmonic_ai PortCo updates: @cura_inc Platform Website: @framer Social: X / LinkedIn Newsletter: @Substack Events: @LumaHQ Community: @circleapp Talents Hiring: @alexklein0x Marketing: @imlaurieowen You’re welcome.

I just reread "How to Do Great Work." It's so long! But it also has less fat than most things I've written, which is a weird combination, because usually writing that's long on the macro scale is long on the micro scale too. paulgraham.com/greatwork.html

@gerstenzang Where can we access this?

This is a really fascinating slide from a16z. The bottom quartile of PE funds are better than the bottom quartile of venture funds - you'd expect this. But the top decile of venture capital and private equity funds perform nearly just as well!

@siddharthb03 @BangaloreRoomi @fmrbangalore @twitrbnb Interested

Looking for a flatmate In a sunny spacious 2BHK in the most green, quiet area w attached loo (old-school-XL-room-&-windows vibes) 📍IAS Colony, HSR (right next to silk board) 📅 Move in: 1st Sep Fully setup house DM for deets @BangaloreRoomi @fmrbangalore @twitrbnb

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I don't know if it's lack of humility or understanding of real world constraints, maybe a function of both, I am seriously surprised by the number of people who think it fit to give gyaan to this Govt. and Armed Forces. You may have your quibbles as everyone does, but please understand that we barely know a fraction of what these folks are dealing with - one would think the PM having fulfilled multi-decadal goals (Ram Mandir, Article 370, etc.) and handled generational crises like COVID has done enough to show intent and capability. This constant rona dhona and blackpilling doesn't serve us any good. Perfect is the enemy of good. And in this case the alternatives fall well short - forget about the opposition, even others within this party will find it impossible to match Modi ji's leadership. PM Modi is a once in a 1000 yr phenomenon - a gift from the gods. Please have patience. Look at how opinions have swung this past week - from we have lost the plot to we have absolutely killed it to we have lost the plot again (for some absurd reason). What does this tell you? Decision making at this scale is complex, impossible to understand in real time, and even more difficult to communicate effectively to all stakeholders. This is a time when our Armed Forces and Govt. should be celebrating their achievements over the past week, and instead we have caused our Foreign Sec to lock his account and put folks who haven't slept for days on the defensive. Almost in stark contrast to what the Pakis have been up to - celebrating on the streets despite being bombed! Then we crib about narratives. Bhai, you are the narrative. What you tell your friend is narrative. What you message on your family WhatsApp group is narrative. And if you act like we have lost our marbles and expect some central figure to come up with the narrative then you are being naive and stupid. Also, this is not entertainment. This is reality. Ek do baar news check karo aur kaam karo ya so jao - anything more is harmful to your mind. I say this as someone who runs a podcast and has to be on top of things. Nation will take care of itself only when you take care of yourself. And please do take care of yourself. /end of rant

Pakistan is number #2 in global terrorism index and IMF approved $1 billion loan for them. Pathetic.

@shahrcastic Crazyyy bro!! 🚀🚀🚀

Pov : emailed Deepinder for the CoS role Joined district in central growth :)

@gargee_barke Brain wired to 7 digit cr and 6 digit USD numbers

Major work ick: Decks with numbers in Mn INR It’s Mn USD or Cr INR - people choose a side pls

So I finally set some time apart to give a listen to BANGER of a podcast by @bharatvaarta. Mr. @sanjeevsanyal broke down things like, National planning, civilisational state Creative destruction, youth risk-taking Focus on helping smaller scale entrepreneurs win and a lot more!

When you and bros are the only 2 wheelers driving to T2 @Ambi_2806 @ad6rsh

@gargee_barke 😂😂😂

Amazing date idea: Watching IPL in Punjabi with biryani and beers

new lunch time binge loving these exit insights and numbers from @BKartRed @BlumeVentures ~5min bite videos are perfect for lunch breaks - straight to the point!