Portfolio Construction

Every Seed Check Is an Option

Venky Ganesan watched $5,000 grow to $200,000 and refused to sell. The lesson from that loss shapes how Menlo backs startups, including Anthropic.

Oct 5, 2026 · 5 min read

Baylor's endowment grew from $1.4 billion to $2.7 billion. Its CIO explains why a 15x venture fund can still lose to three ordinary ones.

Oct 4, 2026 · 5 min read