Insights

Our letter to the partners in our funds for the third quarter of 2026: two new commitments, a partial sale of Payfield, and progress at Albedo and Juniper.

A practical guide for founders to board meetings that earn their time: the pre-read, the agenda, how to reach decisions, and how often to meet.

Our letter to the partners in our funds for the second quarter of 2026: two new Fund V investments, early results at Amperra and Kiln, and where Fund III stands after Ostra.

Why we keep backing infrastructure software that few people outside engineering teams will ever see, and what makes it so hard to replace once it is in.

Clean power is now cheap to build and slow to connect. Why our climate investing has shifted towards storage, grid software and the industries that must plug in.

At seed and Series A we are mostly backing people. The qualities we have learned to look for in a founding team, and a few we have learned to discount.

What to do with the eighteen months after a seed round closes: where the money should go, what to measure, and when to start thinking about the next raise.

Our annual letter to the partners in our funds: closing Fund V, the sale of Ostra, Tidewater's first year as a public company, and the first five Fund V investments.

Ostra, which helps hospitals find and enrol patients for clinical trials, has been acquired by Calder Health. A note on what the company built.