20VC

Harry Stebbings × Jason Lemkin × Rory O'Driscoll

Late-stage capital can skip years of seed execution when outcomes reach $20-100BN, but AI now makes product-market fit vulnerable to a five-week collapse and increases risk per dollar of revenue.With roughly $3 trillion in private venture assets, including $2 trillion of mature SaaS, investors face prolonged profitability drives, private-to-private mergers, fee pressure, and potentially bimodal fund returns.