20VC: How LPs Allocate to Venture in 2026: What They Want, What They Do Not Want | Why Fund Multiple Does Not Matter Without a Timeline | Why Velocity of Cashback is the Most Important Thing with David Morehead, CIO @ Baylor
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The single reason that private exist is to make money. Period. End of story. I'm a little perplexed by the length of some of these funds. It's not clear to me. The the G P incentives
Are aligned with the math that runs endowments. What we're really after is the velocity of capital. Not just returns on cap. There's a rule in our office that you're not allowed to talk about returns without also talking about time. We happen to have about
two and a half percent of the endowment in anthropic. I never want to be all in. Things can always get worse. You are seeing the pushback on AI at the data center level. This is 20 VC with me, Harry Stabbings. Now, I'm a venture investor for a living, and something that's frustrated me for a long time is that we don't get to hear from the greatest CIOs, chief investment officers, who invest in the venture funds that we run. We don't know how they think, what they like to invest in, what worries them when they're invested in a manager and they see them doing.
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