Jim Reilly

We are pleased to announce that Six Stone Capital has successfully closed a ₹101 crore fundraise for Vervesemi, a fast-growing semiconductor design company. The round was led by Ashish Kacholia , MAIQ Capital , Caprize, and Unicorn Ventures — a strong vote of confidence in India’s deep-tech and semiconductor ecosystem. Pratap Narayan and Rakesh Malik are among the most capable and forward-looking founders I’ve had the privilege to work with. Their technical depth, execution capability, and long-term vision position Vervesemi to contribute meaningfully to India’s semiconductor ambitions. We also acknowledge the efforts of Ashwini Vaishnaw and the Government of India for their decisive push toward semiconductor self-reliance through the DLI Scheme. Policy support combined with private capital is creating real momentum in this sector. Proud of the Six Stone Capital team for executing this mandate. #Semiconductors #Fundraising #InvestmentBanking #DeepTech #IndiaGrowth #DLI #StartupEcosystem

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We’ve just released our first-ever Impact Report in Japanese (English version coming soon)! It features our impactful portfolio companies (including their Theories of Change and impact KPIs), our organization's Theory of Change and ecosystem-building activities, as well as our future outlook. We hope you find it insightful and inspiring!

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Nasdaq has discontinued a high-speed trading service that used hollow-core fiber optic cables after scrutiny from the Securities and Exchange Commission. The service, which was not publicly disclosed, gave certain clients a significant speed advantage, sparking concerns about fairness and transparency.

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Chairmanship - Contrarian Thoughts An in-depth look at what is required in the non-executive chairman role for a value maximization focused board of directors. #chairmanship #nonexecutivechairman #corporategovernance #boardsofdirectors #governancearbitrage https://lnkd.in/gC8PKdmq

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At Venture Investors Health Fund, we are always paying attention to liquidity opportunities. Lack of liquidity has plagued the industry for the last few years because without distributions to limited partners, it becomes difficult for them to maintain their target allocation to venture capital without reducing commitments to new funds. The trend for IPOs has been positive this year, but it is like saying that western Nebraska is at a higher altitude than eastern Nebraska. It is true, but it is not the Rocky Mountains. The financial markets have always been adept at adapting to conditions. There are growth funds managing billions capable of rounds of hundreds of millions, amounts once only available through an IPO. Secondary activity is at an all time high and discounts have narrowed. That helps. Most venture capital firms are Exempt Reporting Advisors, capping their secondary participation at 20%, and if they exceed that, they must become a Registered Investment Advisor with a cost and regulatory burden that small firms can't afford. If the DEAL Act was passed, it would raise that to 50%, further improving liquidity. It alone isn't enough. In the 1990s, it was commonplace to do an IPO that raised $60M, resulting in a $300M market cap, with three respected analysts following the stock that had solid trading volume. Those days are long gone. The regulatory and reporting burden has increased substantially and the cost of being a public company has skyrocketed. The size of required filings has grown enormously, filled with required language that nobody reads except those preparing it and the regulators. Who is that benefiting? At the same time, the regulatory changes for investment banks made these small IPOs less attractive to underwrite. It is easy to understand why a company like HistoSonics, Inc. pursued private financing that offered secondary liquidity for some of its investors instead of going public at this time. They avoid the cost and distraction of being public, allowing them to focus solely on growing the company. However, other companies would benefit from a more accessible public market. The average investor would benefit too. We have half the number of publicly traded companies today versus 25 years ago. Individual investors used to be able to participate in the most promising emerging companies in their most dynamic growth phase by investing in new IPOs. Now most of these companies remain privately financed and are inaccessible to the average Joe. Some have suggested letting 401(k) plans invest in funds, but I am wary of allowing illiquid investments by those who rely on liquidity. The better answer is to make smaller IPOs more viable again. It is time for a thorough review of all of the regulatory burdens that have been added in the last 25 years. How many are really protecting the small investor, and how many are just needlessly stifling innovation by restricting liquidity and access to capital?

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Mistral AI is currently in negotiations with Abu Dhabi’s MGX and other investors to secure a ~$1 billion funding round that could value the company at ~$10 billion, aiming to accelerate deployment of its “Le Chat” chatbot and further LLM development. IPO CLUB has the company under coverage for its flagship fund America2030 https://lnkd.in/de69stzC

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ASVLP 2026 | EMERGING FUND MANAGERS ROUNDTABLE Navigating the 2026 VC Cycle: Opportunities, Constraints & Competitive Edge for Emerging Fund Managers Raising and deploying capital as an emerging fund manager in 2026 is no longer about momentum. It’s about positioning, credibility, and structural advantage. LP expectations have tightened. Capital formation is slower and more selective. And differentiation is no longer declared — it’s demonstrated. At ASVLP — Africa Startup & VC Landscape Preview, this high‑signal roundtable brings together experienced investors, capital allocators, and ecosystem leaders to unpack what it truly takes to compete — and survive — as a new fund manager in the current cycle. This is not a discussion about starting funds. It is a candid examination of how capital is actually being allocated, where emerging managers face real constraints, and what separates those who scale institutional credibility from those who stall. Speakers Emmie van Halder — @/MPower Netherlands Varun Turlapati — Chaanakya Capital Abiola Adediran, MBA, FCA, FIMC, CMC, M.CIoD — GENEA FAMILY OFFICE Emmanuel Adegboye — Madica Mope Abudu — AfriGloCal VC Zachariah George — Launch Africa Ventures Amb. Dr. Dunston P. — Private Office of H.H. Sheikh Ahmed Bin Faisal Al‑Qassimi Moderator Maha M. — COREangels MEA The conversation will explore: • What LPs are truly underwriting in emerging managers today • Where structural constraints — not talent — limit fund performance • How new managers can build defensible edge in portfolio construction, signalling, and partnerships • What must change for emerging funds to graduate into durable institutions Who should attend Emerging fund managers, LPs, DFIs, and ecosystem builders focused on shaping Africa & MENA’s next generation of venture capital — with discipline, not hype. ASVLP 2026 Participation is FREE but strictly by invitation. To join: Repost and comment #ASVLP2026 — your registration link will be sent via DM. This Session is Powered by COREangels MEA

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𝗧𝗵𝗶𝗻𝗸𝗶𝗻𝗴 𝗼𝗳 𝗹𝗮𝘂𝗻𝗰𝗵𝗶𝗻𝗴 𝗮𝗻 𝗔𝗜𝗙? 𝗜𝘁’𝘀 𝗻𝗼𝘁 𝗮 𝗰𝗼𝗽𝘆-𝗽𝗮𝘀𝘁𝗲 𝗲𝘅𝗲𝗿𝗰𝗶𝘀𝗲. I sat down with Lion Amirr Virani on The Koffee Conversation Show to discuss the practical realities of launching an AIF—specifically for fund managers who are navigating the transition from a strategy to a structured entity. You can watch the full breakdown here: https://lnkd.in/gcjkBDJJ After structuring 50+ funds, I’ve seen that the first time fund managers often start with a belief that "structuring an AIF" is a clerical exercise but end up realizing it is an architectural challenge. We tackled the questions that actually matter to a Fund manager long-term success: 𝟭. 𝗧𝗵𝗲 "𝗪𝗵𝘆" 𝗯𝗲𝗳𝗼𝗿𝗲 𝘁𝗵𝗲 "𝗛𝗼𝘄": Why do you actually need an AIF? We discussed why this flexible structure isn't for everyone and how to avoid over-complicating your vehicle before you’ve even made your first call for capital. 𝟮. 𝗧𝗵𝗲 𝗚𝗶𝗳𝘁 𝗖𝗶𝘁𝘆 𝘃𝘀. 𝗗𝗼𝗺𝗲𝘀𝘁𝗶𝗰 𝗗𝗶𝗹𝗲𝗺𝗺𝗮: We broke down the rule of thumb for choosing a jurisdiction. Is your capital global or local? Your answer changes your entire structural foundation. 𝟯. 𝗔𝗜𝗙𝘀 𝗳𝗼𝗿 𝗙𝗮𝗺𝗶𝗹𝘆 𝗢𝗳𝗳𝗶𝗰𝗲𝘀: How sophisticated family-managed businesses are using AIFs to "ring-fence" their wealth , use QIB status and create professional investment verticals that operate like institutional platforms. It was a great session, moving past the theory and into the practical realities of what it takes to run a fund today. 𝗙𝗼𝗿 𝘁𝗵𝗲 𝗳𝘂𝗻𝗱 𝗺𝗮𝗻𝗮𝗴𝗲𝗿𝘀 𝗶𝗻 𝗺𝘆 𝗻𝗲𝘁𝘄𝗼𝗿𝗸: What is the one structural hurdle you wish someone had told you about before you launched your first scheme? Let’s share some insights below. #AIF #FundManagers #GiftCity #VentureCapital #PrivateEquity #AssetManagement #FamilyOffice

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Venture Capital has to reinvent itself for ai. Ai ventures need very little capital for core technology and “coal power plant like”funding for infrastructure. Both don’t work for the current Vc model. Sandhill Road venture capital is in dire straits. Their playbook which is borrowed from Hollywood depends on a Hollywood studio type concentration of power. In place of Warner brothers, fox, universal, Disney etc they created Microsoft, meta, Google, Amazon etc. And then Netflix came along and ate the lunch of the studios disrupting the industry with an integrated model which eliminated all intermediaries and offered an “eat all you can”. Now if an AI super app from India were to do the same to all foundational models - it would eliminate all hope of recovering the Rs 2,000 crore pa salary packages doing the rounds of the valley. Venture Capital was about creating hype - multiple firms backing one horse - and that horse then buying everyone that mattered. Microsoft did that and then the others followed. The playbook was kill or acquire. And hire lots of lobbyists for regulatory capture. And criminals if required. That playbook is no longer going to work. For the past decade, Indian venture capital has chased billion-dollar outcomes. Unicorns became the scoreboard. But economies are not built by a few giant explosions. They are built by millions of small pops. The ten or twelve venture capital companies that do popcorns are quiet and hidden. They generate a return on investment more than drugs or prostitution. And have no need for external capital. The others are all smoke with little fire. And are desperately looking to offload their overpriced purchases. The unsuspecting retail investor is one Guinea pig. Unicorn investing concentrates capital into a tiny number of companies. Popcorn investing spreads capital across thousands of ₹10 crore, ₹50 crore, ₹200 crore businesses. The former creates valuations and bubbles. The latter creates employment and sustainable businesses. A single unicorn may employ 3,000 people. But 100,000 smaller companies employing 10 people each create 1 million jobs. That is the scale India actually needs. More importantly, popcorn companies build real capability — manufacturing firms, component suppliers, specialized engineering companies, regional service providers. These businesses rarely reach billion-dollar valuations. But they form the industrial backbone of a nation. They spawn an ecosystem. Germany did not rise on unicorns. China did not start with tech giants. It started with thousands of small factories. The United States did not become an innovation powerhouse through a handful of startups, but through decades of dense entrepreneurial layers. Unicorns are peaks. Popcorn is the mountain. India’s future will not be determined by how many billion-dollar companies it creates, but by how many hundred-crore profitable companies it produces. We don’t need more unicorn hunters. We need more popcorn makers.

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Sustained ~252–291 GiB/s of HBM memory throughput on H100s under decode load — essentially hitting the hardware roofline. This matters because HBM throughput, not FLOPs, is the real bottleneck in LLM inference. By keeping memory nearly fully saturated, I’ve unlocked far higher efficiency and throughput than standard engines. The result: 0.9–1.36M tokens/sec with ~0.1 ms first-token latency  #AI #LLM #GPURouter #H100 #Inference #CostEfficiency #Innovation #DeepLearning #AIInfrastructure #HighPerformanceComputing NVIDIA AMD OpenAI Google Shilpa Kolhatkar Keith Strier a16z speedrun

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Interesting read by the #BoCGVentures team highlighting the rise of the Hybrid Venture Operating Model designed to bridge Ideas, Capital and Execution #Venturecapital #privateequity #Execution #Antifragility

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🧠 Case Study - Venture Capital Fund + Prosperity AI System Clarity for smarter investments and higher returns Premise In an era where venture capital faces increasing pressure: higher valuations, longer exits, and global competition, success is no longer about raising bigger funds. It’s about deploying capital with precision, reducing strategic blind spots, and enhancing portfolio performance. An US VC firm managing $250M adopted the Prosperity AI System to transform its investment process into a living, data-driven strategy engine. 1️⃣ 5 Core Dimensions (Immediate Clarity) Market The firm invested across tech, biotech, and energy but lacked focus. Prosperity AI identified three emerging niches with outsized growth: applied AI, green logistics, and health data infrastructure. Customer Pain (LP & Founder Perspective) • LPs: frustrated by limited visibility and inconsistent reporting. • Founders: needed post-investment strategic help, not just funding. Offer Repositioned from “capital provider” to “AI-enhanced venture partner.” Every startup funded now receives Prosperity AI access for continuous strategy reviews. Value • Faster due diligence (–40% time per deal). • Higher follow-on funding success (+33%). • LP satisfaction scores improved from 6.8 → 9.1. Differentiation Competitors offered mentorship; this fund offered AI-driven clarity + real-time execution insights, powered by Prosperity AI. 2️⃣ Pre-AI Review (Diagnosis Phase) Before allocating new capital, the system analyzed 47 startups: • 9 flagged for unclear market fit. • 6 required pricing repositioning. • 3 showed exceptional growth potential and received increased investment. This reduced exposure to underperforming assets by $8.4M in one quarter. 3️⃣ 22 Advanced Dimensions (Strategic Depth) The AI mapped out: • Portfolio synergies → connected 4 startups to co-develop cross-sector products. • LP engagement model → automated reporting and predictive ROI dashboards. • Exit readiness → identified 5 potential M&A opportunities. 4️⃣ Full AI Review (Strategic Upgrade) The fund received a living roadmap: • Next-cycle focus: AI infrastructure + health data startups. • Scenario simulation for each sector → best risk-adjusted IRR. • Clear action plan: divest, double-down, or restructure. 5️⃣ Iterative Execution (Living Strategy) Quarterly reviews now feed new data directly into Prosperity AI: • Portfolio strategy adapts dynamically. • LP communication improved with real-time dashboards. • Decision cycles shortened from 90 → 18 days. Results (12-Month Impact) ✅ IRR improved from 14.6% → 22.3%. ✅ LP reinvestment rate up +41%. ✅ Portfolio valuation up +27%. ✅ Time-to-decision down –72%. Insight Venture Capital is no longer about intuition. It’s about augmented intelligence. 💡 The future of Venture Capital is not just who funds the next unicorn, it’s who helps build it smarter. https://lnkd.in/dNrT8rYa ~~||~~~

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Every private company owner should read this article on KKR to get a feel for what it means to build exit ready businesses. Value creation strategies don't happen by chance. They require owners to look through the lens of a buyer to identify the priorities of meaningful work. Technology, process (playbooks) and people aligned in a purposeful journey. Just note there are over 6 million private companies in the US that run a payroll and a tiny number of owners will ever exit for a sum their hard work and courage deserved. Thanks Dr. Dominik Dellermann for sharing. #Valuecreation

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🏰 PART ONE: BIS SIGNALS A SCENARIO: A GREATER GFC (GGFC) 🎆 🅱️IS IS THE CENTRAL BANK (CB) for Central Bankers. It presciently signaled the GFC back in 2006-2007; they just issued a new caution. Not a "Great Rotation" but a medium term shift away from $ asset allocations (COFER, etc.) 🔑 Key takeaways from their newly published "BIS 2025 Annual Report": 🔴 tariff wars, inflation and "abnormal hedge ratios" designated root causes 🔴 mBridge (BIS Innovation Hub): new global finance rails ready for primetime 🔴 BRICS (Unit) group was an ideal mBridge test & learn (now terminated) 🔴 cross-border sovereign bonds (due to NBFIs) could ignite this GGFC 🅾️ THEY KNOW WELL what is about to happen, ergo a "society must support" message in the face of CB (Powell) denigration. April triple decline called out as a highly unusual occurrence. [35:10 mark]. More about this in Part Two. ❓COULD THE FRB GO BUST? This report cites cross border dollar-hedging and a toxic liquidity crisis as dual mega-risks. Today, Dollar Index is sinking toward a 96 handle. Fiats to be recalibrated < new "CB Of The World" system which might include various stablecoins and other crypto surrogates. #BIS #mBridge #GlobalReset #Tariffs #Inflation #Deflation #FRB #sovereignbonds #ratings #scenarioplanning #TIC #NBFIs #CentralBanks

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The Soros Economic Development Fund (SEDF), the impact investment arm of the Open Society Foundations, has committed USD 8 million to our AgVentures III Climate Investment Fund. For us at SP Ventures, this is a milestone and a source of great pride. SEDF is one of the world’s most respected impact investors, with a mandate to catalyze systemic change by backing investments that generate direct, measurable impact while strengthening the market structures, behaviors, and institutions that allow that impact to scale. Their investment in AgVentures III sends a powerful message. Investing in mission-driven agtech entrepreneurs in the Global South, who are building climate resilience through technology and innovation, is one of the most scalable impact theses available today. Agriculture sits at the intersection of three of the most critical challenges of our time. First, farmers are among the populations most vulnerable to climate change. Agriculture is the most climate-dependent major economic activity in the world. In emerging markets, where safety nets are weaker, rural livelihoods are disproportionately exposed to climate shocks. Second, these same farmers feed rapidly growing urban populations across emerging economies and contribute significantly to global food supply. Strengthening their resilience directly strengthens food security for millions. Third, agriculture is often the single largest source of emissions in emerging economies. In Brazil, it represents well over 60% of total emissions. Technologies that restore soil health, reduce reliance on chemical inputs, and lower emissions represent mitigation at scale. This is why we believe Global South agtech is the most important frontier in climate and social investing today. SEDF’s investment recognizes that locally developed regenerative technologies and inclusive, tech-enabled financial systems are essential to solving challenges that cannot be addressed by temperate-climate models or imported solutions. It is also a recognition that the entrepreneurs building these solutions in Latin America are building the technological backbone for climate-resilient agriculture globally. We are deeply honored to have SEDF as a partner in this journey, alongside an extraordinary group of strategic and institutional investors. I would also like to express my personal gratitude to a dear friend, mentor, and inspiration: Anita F.. With a distinguished career at leading DFIs such as IFC and IDB, Anita has brought tremendous insight and energy to SEDF’s Latin America strategy, championing partnerships with some of the region’s most respected impact investors, including EcoEnterprises Fund and VOX Capital. It is an honor to be in such company. My sincere thanks as well to the exceptional, mission-driven SEDF team who brought this across the finish line: Nathan E., Daan Besamusca, Nicole A. Stallworth, Scott Abrams,Kelly Flanagan,Andrew Gunther. This partnership means a great deal to us.

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Budget 2026 sends a clear and consistent signal on the urgency of advancing frontier technologies and AI. Building on announcements made last year such as the ₹1 lakh crore commitment for emerging technologies through the RDI scheme, already operationalised via the ANRF, the National Quantum Mission, enhanced support for the SRI Fund, the ₹10,000 crore MSME Growth Fund, the government has put in place both the much needed capital and institutional mechanisms to accelerate innovation and its implementation. The importance of skilling required for these technologies and AI, is also given consideration. We are strongly bullish that these initiatives will translate rapidly into on-ground, technology-led commercial outcomes. India always had a deep reservoir of talent with a strong affinity for deep science and biology and this policy momentum, combined with other tailwinds, will go to materially strengthen India’s position as a global deeptech powerhouse. AUM Ventures #reforms #deeptech #Unionbudget2026 #technology #innovation #venturecapital

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Most semiconductor moats don’t fail because the physics is wrong. They fail because scaling is harder than inventing. That’s the real question behind Aeluma: Is it replicable — or just theoretically replicable? In this industry, nothing is “impossible.” But replication isn’t about possibility. It’s about: • Multi-lot yield consistency • Defect density control • Reliability qualification (GR-468 equivalents) • Foundry transfer without performance decay • Supply-chain embedment inside defense and hyperscale ecosystems Aeluma’s differentiation isn’t simply InGaAs performance. It’s attempting scalable III-V integration on 200–300mm silicon — with a path toward commercial yields. That’s not a device problem. It’s a manufacturing architecture problem. And architecture advantages compound over time. Capital can accelerate hiring. It cannot compress a decade of process learning curves. The moat question in 2026 isn’t: “Can it be done?” It’s: “Can it be done at scale, economically, and inside qualification regimes competitors can’t shortcut?” I broke down the framework in more detail here: https://lnkd.in/edMeBKUz Curious how others think about manufacturability as a moat in semiconductors. #Semiconductors #Photonics #DeepTech #DefenseTechnology #AIInfrastructure

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I weigh in on the 2026 M&A Outlook featured by @Mergers and Acquisitions - themiddlemarket.com: as dealmaking becomes more tech-enabled, the edge will come from trusted data, sharp judgment, and the ability to cut through the noise.

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𝗩𝗼𝗹𝘂𝗺𝗲 𝗶𝘀𝗻’𝘁 𝘁𝗵𝗲 𝗽𝗿𝗼𝗯𝗹𝗲𝗺-𝘀𝗶𝗴𝗻𝗮𝗹 𝗶𝘀. Fund managers don’t lack deal flow; they lack fast, reliable ways to separate high-signal founders and companies from the noise.

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