Archive - The State of Venture

Non-consensus investing in the time of consensus

There is consensus that 2026 is a consensus VC market.

Oct 1 • Rob Hodgkinson

September 2026

How to reboot a VC franchise

Make great investments again. Simple.

Sep 24 • Rob Hodgkinson

The State of Venture — August 2026

Headline capital halved against July. Remove the nine rounds of $1B or more and the market underneath moved by 1%.

Sep 5 • Keith Teare

Diversification or Concentration: Good or Bad?

The Portfolio Is the Strategy

Sep 3 • Keith Teare

August 2026

The State of Venture — July 2026

Eleven rounds of $1B or more took 54.5% of July’s capital. Remove them and the market underneath has not grown since February.

Aug 6 • Keith Teare

July 2026

The rise of open knowledge in private markets

Sharing public research on SignalRank portfolio companies

Jul 22 • Rob Hodgkinson

State of Series B ecosystem

Jul 7 • Rob Hodgkinson

The State of Venture - June 2026

More Capital, Fewer Rounds

Jul 5 • Keith Teare

June 2026

Benchmarking fees across comparable funds

Jun 18 • Rob Hodgkinson

New Public VC: Powerlaw

Powerlaw's Top 10 portfolio positions compared to comps

Jun 8 • Rob Hodgkinson

An AI boom is underway – how can retail investors benefit?

Considering the Series Bs at Anthropic, SpaceX and OpenAI

Jun 5 • Rob Hodgkinson

The State of Venture - May 2026

This report was written by our AI Agents using OpenAi Codex as orchestrator.

Jun 2 • Keith Teare

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