The Power of Evergreen Capital

Premji Invest is an investment firm that backs some of the biggest names in the CFO and enterprise tech stack, including Anaplan, Zuora, Coupa, and Looker. In this episode, CJ is joined by Sandesh Patnam, the firm’s Managing Partner, to discuss their approach to investing and the future of CFO tech. Sandesh talks about the evergreen nature of Premji’s investment model and explains how this permanent pool of capital enables the company to focus on deep partnerships and durable growth, rather than chasing fund cycles or portfolio diversification. He breaks down why he views total addressable market (TAM) as a floor rather than a ceiling, how investing across both public and private markets creates a strategic advantage, and how startups should approach capital construction and optionality in today’s market. The conversation also touches on the evolution of the CFO toolkit, how AI is shifting the finance role, what persistent finance problems are still waiting for innovation, how org design is changing inside finance teams, and why he believes AI is a bigger shift than both the dot-com and mobile eras.

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LINKS:

Sandesh Patnam on LinkedIn: https://www.linkedin.com/in/sandeshpatnam

Premji Invest:

https://in.premjiinvest.com

CJ on X (@cjgustafson222): https://x.com/cjgustafson222

Mostly metrics:

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TIMESTAMPS:

(00:00) Preview and Intro

(02:08) Sponsor – RightRev | Navan | Rillet

(06:59) Evergreen Capital and Premji’s Approach to Investing

(09:25) Portfolio Construction

(12:58) TAM Versus SAM Versus Product

(15:28) Sponsor – Pulley | Brex | Aleph

(19:51) Seats Versus Outcome-Based Pricing

(23:30) Defining Durability

(26:31) Public Versus Private Investing

(28:44) Why One Team Manages Both Public and Private Investing

(30:47) Capital Construction for CFOs With Evergreen Investors

(32:13) How and When Evergreen Funds Seek Liquidity

(35:32) Building Optionality in Capital Strategy Amid Market Changes

(38:01) Secondary Markets in the Private World

(41:39) The Evolution of the CFO Tech Stack

(43:41) AI and Systems of Action

(45:43) How CFOs Are Starting To Interact With AI Tech

(49:09) A Finance Problem That’s Open for Innovation

(50:25) The Evolution of the CFO’s Role Beyond Finance

(51:33) The AI Era vs. Prior Tech Eras

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SPONSORS:

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#EvergreenCapital #PremjiInvest #CFOTechStack #InvestmentStrategy #PortfolioDurability

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