Perspectives on operator capital.
Notes from the cap table, on seed-stage diligence, search-fund LP economics, founder-friendly terms, and what operator-led capital actually changes.
April 20, 2026
3 min read
Why I Don't Compete With The Searchers I Back
When a deal a backed searcher brings me fits my own buy-box, I co-invest with them rather than compete for it. Here is why that policy is structural, not generous.
March 20, 2026
3 min read
Roll-Up Backing: What Makes A Platform Investable
Most roll-up pitches sound the same. The platforms that actually work share specific structural traits that get under-discussed in the pitch.
February 20, 2026
3 min read
How To Evaluate A Search Fund Principal Before You Commit
The aggregate returns of the search fund asset class do not protect you on a single bet. Here is the diligence I do on the principal before committing capital.
January 20, 2026
3 min read
Healthcare Technology: A Capital Allocator's Framework
Healthcare technology is one of the most demanding categories for an early-stage investor. Here is the framework I use to separate real opportunities from category-risk traps.
December 20, 2025
3 min read
RevOps Tooling As A Venture Category
Revenue operations tooling is one of the most under-appreciated venture categories of the next five years. Here is what makes it interesting and what I look for in deals.
November 20, 2025
3 min read
The ETA Capital Stack: Equity, Mezzanine, SBA, Seller Financing
Most ETA acquisitions use a multi-source capital stack. Here is how each layer works, what the trade-offs are, and how I think about which mix fits which deal.
October 20, 2025
3 min read
Search Fund Economics From The LP Side
Most search fund pitches are written for searchers and institutional LPs. Here is the LP-side math, including the parts that often get glossed over in the pitch.
September 20, 2025
3 min read
Vertical SaaS: The Next Operator-Led Wave
Horizontal SaaS won the last decade. The next decade is being built by operators who pick a single vertical and own it end-to-end. Here is what that looks like.
August 20, 2025
3 min read
When To Write A Small Check Versus No Check
Most of the founders I meet do not get a check from me. The decision rule between a small yes and a polite no is more specific than most founders expect.
July 20, 2025
3 min read
AI-Native Operator Tools: Where I Am Deploying Seed Capital
AI-native tools are reshaping how operators run companies. Here is the specific category I am investing in and the questions I ask before writing a check.
June 20, 2025
3 min read
The Case For Backing Operators Over Funds
Most LP capital flows to fund managers. The operator-direct model produces a different return profile and a different relationship. Here is what I have learned by writing checks both ways.
May 20, 2025
3 min read
Co-Investing With Searchers: Structures That Align Incentives
When I co-invest with a searcher, the deal structure matters as much as the underlying business. Here is what I have learned about getting it right.
April 20, 2025
3 min read
Search Fund LP Investing For Non-Institutional LPs
Search fund LP investing is one of the more interesting asset classes for individual LPs. Here is how I think about it from both sides of the table.
March 20, 2025
3 min read
What I Look For In A B2B SaaS Founder's First Deck
Most pitch deck advice is generic. Here is the specific signal I look for, the slides that change my mind in either direction, and the words that always show up in the decks I fund.
February 20, 2025
2 min read
Why Operator-Led Capital Matters For Early-Stage SaaS
The operating decisions that determine whether a SaaS company makes it to Series B happen before the funds are deployed. Here is what operator-led capital actually changes.
January 20, 2025
2 min read
The Small-Check Strategy: Why $25k Actually Matters
A small check can do real work for a founder when it comes from someone who has built the systems they are trying to build. Here is how I think about sizing seed checks.