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Here’s the unsaid truth about venture investing.. Most* large AUM fund can’t afford to miss a category to generate the returns they need to justify now. This means they WILL invest in competitors. They might invest in different stages or sometimes at the same stage. And, because they generally invest in many seed companies, portfolio companies will end up pivoting into the same space. This rightfully pisses founders off since they get one company and funds get a portfolio. But that is the risk you should be wary of when you’re choosing your capital partner. Loyalty is already on very thin ice in tech and this is going to get greatly exacerbated in the next few years. Expect more noise and volatility. At the end of the day, capital and the venture partner are a tool in the founders arsenal. And, they single-handedly won’t make or break your company. Regardless, choose them wisely! * Before the pitchforks arrive, I’m NOT tooting my own horn or saying large AUM funds are bad. Some (and slowly shrinking pool) large AUM funds are still extremely concentrated and loyal. Just stating the facts as I see them on the floor today.