GoKawiilLPs pile into concentrated bets on OpenAI and Anthropic despite diversification norms
Limited partners interviewed by the publication say they have abandoned venture capital's traditional diversification playbook, with many backing OpenAI and Anthropic simultaneously across multiple funds despite industry norms against overlapping bets. Beezer Clarkson of LGT Capital Partners and Amit Bhatti of TrueBridge both describe the current environment as unusually fast-moving, with LPs largely untroubled by the concentration risk given expected returns. The two did flag concern about how quickly VC firms are returning to raise new funds.
GoKawiil's interpretation of the reporting above, not reported fact.
The concentration of LP capital into just two AI companies marks a departure from venture's risk-diversification principles, which could amplify losses industry-wide if either company's valuation falters. The LPs' description of a 'yellow light' situation suggests cautious optimism rather than alarm, but the rapid fundraising cycle they note could signal unsustainable momentum building across the venture ecosystem.
- LPs are concentrating investments in OpenAI and Anthropic across multiple VC firms, breaking from traditional diversification practices.
- Investors interviewed, including Beezer Clarkson and Amit Bhatti, say they are not alarmed despite acknowledging a 'yellow light' risk scenario.
- Faster-than-usual VC fundraising cycles are cited as a specific area of unease among limited partners.
Source: techcrunch.com — Connie Loizos, 2026-10-31
Published there as: “Pile-ins, payouts, and pacing pressure: the investors behind the VCs open up”
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