As much as the venture industry has changed over the past 20+ years, @usv has remained remarkably consistent. And thanks to the way they have documented and openly shared their investment theses since day one, you can physically look back and see this is true. With every change in the market and pivot from platform shifts, it’s never been a re-invention with USV, always an evolution. The firm is unusually codified in the work that they do and how they do it, and as a long-time backer of the team, it’s one of the things I’ve always greatly appreciated and admired.  Congratulations to @fredwilson, @rebeccakaden, @nickgrossman, @mignano & the entire USV team on the next chapter! Grateful to be on this journey with you, and excited for what’s ahead. 💚 🙌

Another outstanding piece of analysis from @credistick 👇 If an LP wants to build a diversified venture portfolio, part of the job is then finding managers who bring a range of opportunities. In today’s concentrated market that can be tricky, as you can invest in five different funds and still end up with a lot of the same bets. Which is great if they all work out. Less great if they don’t. Dan puts some data behind this. Across 5 megafunds’ seed portfolios, he saw an avg of ~87% of labelled investments were in AI. EMs covered more ground… Still a focus on AI (avg of 55% in one example), but more than twice as likely to back a wider ranges of businesses. There's so much talk about how tough it is for EMs right now (and it is), and this data illustrates the important role they play inthe ecosystem. They’re willing to put the time (and 💸💸) into ideas that aren’t yet obvious to the rest of the market.

👋 SF, I'm back! Just recorded my first Origins Pod from the new LGT office in downtown SF. Been a wild couple of weeks launching my son to college and a big move back to the Bay, but so happy to call this place home (again!) 🌁

“We spend much more time on asset allocation and why things are where they are than we do on individual mgrs.” David Morehead (CIO) looks at @Baylor's $2.6B endowment holistically. He’s the GM of the baseball team, with each mgr on the field hired to play a position for a particular reason. "If my third baseman thinks he can play second better than my second baseman, come talk to me. But if I come onto the field and he's left third open and I have two second basemen, he’s fired, full stop.” A great analogy for why doing what you said you’d do matters. 👏 TY @HarryStebbings bringing the LP mindset to 20VC.

Building an enduring venture firm is never easy, especially in today’s environment. Emerging Manager Circle (EMC) gives EMs a community to swap notes, learn from experienced GPs who have been through it & hear from the LPs backing them. EMs: Don’t miss the window to apply! 👇