LPs keep committing to AI venture because their large software-heavy private equity books are exposed to AI disruption, but they want DPI first. Listen
Ganesan said many LPs hold three to four times more private equity than venture, and much of that PE is in software that AI directly affects, so AI venture serves as a hedge. He said their chief complaint is too much TVPI and not enough DPI. Managers who have delivered DPI and can credibly claim a position in the AI economy can raise money.
“If you want to hedge against your private equity portfolio, you've got to be in the AI economy.”
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