I have advised and invested in ambitious teams building innovative products who focus on unit economics optimized business models since 2019.
Investments
47
+9%
+9% year over yearNew checks written since the last snapshot (Campus in '26, plus '25 adds like Replit, Hadrius, Highbeam, Grace) with none dropped. I count JuneShine and Sanzo as two checks each.
Markups
18
-25%
-25% year over yearSix names that had been paper markups slid to write-downs or back to cost over the year.
Acquired
3
+50%
+50% year over yearRPM Training joined Sugar and Toucan on the exits list, bringing the total to three.
Busts
7
-22%
-22% year over yearThree 2025 busts were offset by a few names I revived, plus I split the worst survivors into a separate 'dying' bucket rather than full bust.
TVPI
1.35x
-10%
-10% year over yearAbout $30k of 2025 write-downs outweighed the AI-name markups.
Gross MOIC
1.41x
-17%
-17% year over yearFell more than net because, with fewer gains left, there is less carry to add back, so gross and net converged.
Net MOIC
1.35x
-10%
-10% year over yearSame as TVPI. They are equal because I have had no material distributions (DPI is about 0).
IRR
7.5%
-5 pts
-5 pts year over yearWrite-downs hit recent value and a big slug of fresh 2025 capital sits at cost (1x), dragging the time-weighted return. The clock also advanced a year on flat positions.
