The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified 466. Investing in xAI, Wiz, and Flexport; Masayoshi Son’s Superpower; How Elon Will Win the LLM War; and Whether AI Is an Extinction-Level Event for SaaS (Kevin Jiang)
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Jan 20, 2025 Kevin Jiang, CIO and co-founder of Mangusta Capital, dives into the world of early-stage AI investments, contrasting his approach with larger firms. He discusses the potential of explainable AI and Elon Musk's vision for LLMs, emphasizing niche markets and vertical AI solutions. Jiang also addresses the implications of AI on sectors like healthcare and fintech, exploring how it may reshape the SaaS landscape. With insights on investment strategies and the future of AI, this conversation is both enlightening and thought-provoking.
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Kevin's Career Path
- Kevin Jiang worked at Goldman, Apollo, and SoftBank's Vision Fund before co-founding Mangusta Capital.
- At SoftBank, he led investments in companies like Flexport and ShipBob.
Growth vs. Early-Stage Investing
- The growth stage market has become saturated and competitive, with funds competing on check size and brand name, rather than adding value.
- Early-stage investing offers a differentiated advantage, where relationships matter more.
Strategies for Different Fund Sizes
- Large multi-platform investors like Sequoia and Andreessen Horowitz need to chase decacorn-sized exits to justify their large fund sizes.
- Smaller funds can achieve high returns with smaller exits, allowing them to play a different game.
