Jack Laszlo

Sharing some hot takes from a candid conversation with George Mathew (Insight Partners), Rebecca Kaden (Union Square Ventures) and Ben Lerer (Lerer Hippeau), moderated by Akshit (Ash) Bhatia, CFA on Silicon Valley Bank's H1 2026 State of the Markets report. Key insights: 🔥 A "barbell" effect has emerged in venture capital. At one end, massive, late-stage rounds concentrated in a few (mostly AI) companies. At the other, early-stage investing thrives on discipline and finding "pre-consensus" bets, with a hollowed-out middle. 🔥 Specialization is the winning strategy for investors and founders – success now requires choosing a clear lane. Investors must decide between a "top-down" (access-driven) or "bottom-up" (conviction-driven) approach. Article link: https://lnkd.in/e3ywHwDB

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Never stop learning...., especially from top mentors and organizations... After a few years in PE/VC industry, I signed up for the PE/VC course at University of Chicago, organization that currently has itself over USD 3 billion of investments in private equity and venture capital. The course is led by Scott Meadow, who shares his 40+ years of direct investment experience as a principal investor in firms and partner in PE/VC funds. The program is designed by the The University of Chicago Booth School of Business faculty, including Steven Kaplan, most quoted academic expert on how PE and VC funds work, and the author of the Kaplan-Schoar Index (see link in comments), used now as an industry standard, and reported by Preqin and others. The program brings together leaders from around the world, current and future start-up founders, PE/VC professionals, hedge funds and family office managers, and corporate officers acting as LP's. Every time I come to Chicago, I search for newest trends, deep understanding of business issues, but also for energy and inspiration coming from discussions with peers.

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Company building in energy is shaped by early decisions that compound over time—how capital is structured, how technical risk is absorbed, and how teams prepare for scale well before it arrives.    Much of my work with founders centers on navigating those choices as deep science becomes real businesses. The details differ across power, materials, and industrial systems, but the challenge is consistent: building companies that can operate, adapt, and grow over long horizons.  You can see that work taking shape across the Breakthrough Energy portfolio. https://lnkd.in/eXd72trE

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Engine Capital Issues Presentation Highlighting the Case for Boardroom Change at Lyft and Opportunities for Meaningful Value Creation "Engine’s multiple attempts to work constructively with Lyft to strengthen the Board were met by entrenched directors who rejected Engine’s highly qualified candidates without even meeting with them. "The current Board lacks public company experience and financial sophistication. Seven of the Company’s 10 directors have never served on another public company board besides Lyft. "Lead Independent Director and Nominating and Corporate Governance Committee Chair Sean Aggarwal and Nominating and Corporate Governance Committee member Betsey Stevenson have overseen negative total returns during their tenures, lack financial sophistication based on their track records at Lyft, and support the dual-class share structure. "Engine’s nominees – who have cumulatively served on 16 public company boards and who have exemplary track records of significant value creation – would advocate for eliminating the Company’s dual-class share structure, de-staggering the Board, optimizing the balance sheet, reassessing equity compensation practices to reduce dilution, and exploring all strategic alternatives." #corporategovernance #boardsofdirectors #governance #shareholdervalue #activistinvesting #shareholderactivism #institutionalinvestors https://lnkd.in/gf47jVQq

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At the FT Future of the Car Summit, Bain Partner Eric Zayer shares how leaders are tackling key EV adoption challenges—from infrastructure to regulation. Watch the video for insights on what’s next in the EV market - https://lnkd.in/eK-xwD3k

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The search fund model is built on alignment. But "usually" isn’t "always." While search funds are collaborative by design, collaboration doesn’t eliminate tension. Based on experiences from both sides of the table, our latest note explores the moments when incentives between ETA CEOs and investors naturally drift apart. Why this matters: It’s Structural: These aren't "bad actor" stories; they are inherent constraints of the model. It’s Predictable: Tensions surface when timelines, personal realities, or stakes shift. It’s Navigable: Understanding these frictions upfront builds empathy, clearer expectations, and better discussions. Grateful to collaborate with Alex Hodgkin, CFA, and A.J. Wasserstein on a topic that rewards honesty and dialogue over optimism alone. Read the full paper at: https://lnkd.in/e_eskQ9V #ETA, #SearchFunds, #Searchfund, #EntrepreneurshipThroughAcquisition, #Entrepreneurship, #CorporateGovernance, #InvestorRelations, #PrivateEquity, #YaleSoM, #Kellogg, #Booth

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I spoke with Christien Louviere of BDE Capital about his journey from a $330mm exit to becoming an independent sponsor. Christien shared excellent insights for folks looking to partner with business owners, rather than buy sellers out completely. Below are a few of the topics we covered: - Why he moved from “zero-to-one” startups to a buy-then-build strategy - How Christien's background shaped a focus on growth vs. cost-cutting - Why 20–40% rolled equity is central to his deal structures—and how it builds trust with sellers - Using scenario analysis with AI tools to evaluate management teams and uncover hidden key-person risks - How to identify when a $3–5M EBITDA company truly has a middle management layer—or is still founder-reliant For anyone investing in or buying small businesses, Christien’s approach provides a fresh lens on growth, alignment, and deal structuring. 🎥 Watch the full interview here → https://lnkd.in/ekfkaiej 🎧 Listen on Spotify: https://lnkd.in/e86Agx6V

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Capital formation isn’t just about fundraising; it’s about building trust through transparency and clarity. I just wrapped moderating a panel at SVB’s Venture Connect conference, joined by Erlina Yeo Terwelp, Geoff Taylor, Brian Chen, and Stephen Bluestein. The goal: an interactive discussion on how GPs can build enduring partnerships with LPs in today’s fundraising environment. Key themes and takeaways from the conversation: • Relationships are paramount: Provide access to multiple investment team members across levels. Authentic, consistent engagement is foundational to long-term partnerships.  • Show your fund math: LPs want to see how ownership stakes and exit expectations map to net returns—at the actual fund size. Scaling isn’t a strategy unless supported by fundamentals. Help LPs draw clear conclusions. • Transparency builds trust: Be transparent on valuation methods, revenue multiple assumptions, even succession planning. Consistency and openness go a long way. • Investing in venture: LPs are active, but the bar is higher. Two deliverables I’ll be focusing on in our next cycle: 1. Elevating the operations DDQ. Now the second most-viewed item in any data room, right behind the investor deck. 2. Ensuring our deck clearly communicates fund math. From ownership to exit to net DPI—at the fund size we’re marketing. This experience reaffirmed that transparency and trust-building are critical, especially when the fundraising environment is as bifurcated as the markets we’re investing in. Thanks to Silicon Valley Bank, Bobby Donnelly, and Mark Lau for the opportunity, and to everyone who joined the discussion! 

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Frontier tech finds its ground zero in the Midcontinent The Midcontinent is now emerging as a pivotal region for frontier tech and investment. SVB’s recent insights spotlight this growth, particularly in industries like energy, infrastructure, and deep tech—momentum that the Midcontinent region is already capitalizing on. At Cortado Ventures, we’re doubling down on early-stage frontier tech that reimagines legacy industries. Our 2025 Midcon VC Summit in Tulsa underscored this momentum in an outstanding presentation by Josh Pherigo, who builds on that theme with this article. https://lnkd.in/gpFVeDVw

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Are we witnessing the VC/PE model get rewritten in real time? For decades, the hierarchy was fixed: Institutional LPs sat at the top. Retail barely counted. Big LPs got fee breaks, “free” co-invests, and leverage over fund terms simply because of their size. But the FT just reported that EQT, the Nordic investment giant is for the 1st time in its history actively considering charging co-invest fees to its largest LPs, partly because of a surge in retail inflows. https://lnkd.in/ecPkhytx To me, this signals something bigger: Retail capital has become powerful enough that even top-tier managers are rethinking where their true pricing power sits. If this continues, the entire GP–LP dynamic starts to shift: • co-invests may no longer come “free” • fee structures rebalance • institutional dominance may erode • emerging managers with community-driven LP bases suddenly gain an edge The real story isn’t EQT’s fee tweak. It’s that retail power is now strong enough to bend a VC/PE model institutions dominated for decades. Is this a one-off… or the first visible sign of a deeper structural shift?

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A quiet transformation is unfolding within the upper echelon of venture capital. Leading firms are no longer content with simply backing startups and waiting years for returns. They’re now restructuring themselves—legally and strategically—to behave more like agile, tech-savvy private equity shops. We’re seeing VCs launch evergreen funds, register as investment advisors, raise massive capital pools for acquisitions, and even buy entire operating companies outside the tech domain. These moves point to a new ambition: to directly shape the path of innovation rather than passively fund it. This shift reflects a desire to bypass the long sales cycles and adoption delays that come with early-stage innovation. By acquiring mature or strategic companies, these firms can accelerate impact, steer growth, and consolidate value more directly. But the playbook is changing. Firms are taking on new types of risk—no longer just product or market risk, but integration, operational, and capital structure risks as well. This approach demands larger check sizes, operational involvement, and new capabilities, from orchestrating rollups to navigating secondary markets and public listings. As the lines blur between VC and PE, a new investment model is taking shape. It’s faster, deeper, and more complex—and it raises a fundamental question: is this the next chapter of venture capital, or something entirely different? https://lnkd.in/dk3PkY_J

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Growth that depends on talent is vulnerable. Growth supported by system is durable. Private equity environments demand commercial engines that can be tuned, measured, and scaled through compressed timelines. My colleague John van Berkum outlines how Strategic RevOps strengthens that foundation: https://lnkd.in/e4QDQq7W

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Some very welcome news for VC and PE firms, as well as other entities investing in startup and emerging growth companies. The California Department of Financial Protection and Innovation (DFPI) has announced the suspension of the implementation and enforcement of the data collection and reporting regime imposed by the Fair Investment Practices by Venture Capital Companies Law (FIPVCC). This decision comes pending the completion of a rule-making process initiated by the DFPI in response to feedback from stakeholders affected by the regime. As a result, the DFPI will not require covered entities to submit further registrations or file reports by the April 1, 2026 deadline. For more information, visit the DFPI website: https://lnkd.in/eqjJbSFz

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**Navigating Change in Venture Capital: Lessons from a16z's TxO Fund Pause** The recent decision by Andreessen Horowitz to pause its Talent x Opportunity (TxO) Fund raises critical questions about sustainability in venture initiatives aimed at supporting underserved founders. At ElevenX Capital, we recognize the importance of adaptability in our strategies and maintaining robust support systems for diverse entrepreneurs. How can funds better navigate economic uncertainties while still prioritizing inclusivity and innovation? #investing #innovation #venturecapital #entrepreneurship

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Quietly impactful: The DEAL Act could reshape how venture capital gets done. If passed, it unlocks greater flexibility around secondaries and fund structures—removing outdated constraints that slow down capital deployment and liquidity planning. For VC pros, it’s about freedom to move capital smarter. For CVC leaders, it’s about cleaner exits, new access points, and even implications for workforce equity strategy. I break it all down here → https://lnkd.in/gvNw3VzQ #venturecapital #corporateventurecapital #secondaries #policy #DEALAct #CVC #VC

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PE - What is GTM in PE? Yesterday a Managing Director who is a senior investment team leader at a PE fund in New York asked me how I think about and define GTM (“Go-to-Market”) and I wanted to share my summary thoughts with others if helpful (and hear your perspective). Like many, he knows what GTM is, but was just looking for an additional perspective which I thought to share. In Private Equity, GTM is the "full-stack commercial & revenue growth strategy" that determines the success of every B2B portfolio company. It can be any industry or sector in PE because GTM is industry agnostic across B2B companies. GTM = Commercial Strategy, Revenue Growth Strategy, etc. Who drives GTM/Commercial/Growth Strategy = CRO (i.e. a CRO is the CEO of all commercial, sales and growth side of a B2B company in any industry) For any PE firm that opens a Board meeting by asking for the "top-line" or revenue number and its growth trend, the GTM strategy is what makes that number grow - it’s the commercial strategy behind the CEO and CRO’s results: 1. End to end / Full-Stack "Revenue Engine": GTM spans the entire commercial engine (product/service strategy, marketing/leadgen/pipeline creation, new customer acquisition sales, expansion sales to existing customers, customer retention, pricing, KPIs/metrics, AI, and of course managing people / global cross-functional teams, etc.). 2. Data-Driven Growth (or GTM Turnaround when growth stalls): The focus is on identifying the right levers and drivers that help accelerate top-line growth profitably / capital-efficiently. 3. Commercial Strategy & Systems: building strategies, systems, and processes so every dollar of Revenue and EBITDA growth is repeatable and profitable. 4. Capital-Efficient Scaling: Driving profitable growth through systems and optimized allocation of capital and resources. 5. Value Creation Lever: In PE, a CRO who is on your Portfolio Resource / Portfolio Ops team leads the GTM as the #1 engine that translates commercial and operational strategies into tangible and measurable Revenue and EBITDA growth and thus Enterprise Value (and institutionalizes GTM/commercial across the PE portfolio). In a nutshell, GTM is just short for: > "PE firm's strategy to accelerate *capital-efficient Revenue & EBITDA growth* across the portfolio and therefore generate superior risk-adjusted ROI and IRR for the LPs" P.S. Please see the note in a prior post about institutional LPs who said that they will no longer commit new capital to PE firms that don't have real internal GTM experts to drive differentiated Portfolio Ops value creation and differentiated returns. It's an interesting shift we are noticing in this new era of PE - the key question to ask, is your PE firm, your Portfolio Resources / Ops, and your value creation strategy built around growing Revenue & EBITDA (is that your tip of the spear to drive tangible and measurable equity value creation for your funds & LPs)? #pe #privateequity

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