Written to the founders, operators, and investors we work with. Each opens as a letter.
Long-form work on the industries we invest in. Each opens as its own page.
AEC software M&A accelerates as specialty-trade platforms draw control buyers
Sub-$10M ARR platforms serving niche trades are seeing renewed acquisition interest as generalist funds retreat.
Vertical software venture funding stays compressed into mid-2026
Founders who might have raised another round two years ago are increasingly seeking permanent capital partners.
Specialist buyout managers continue to outperform generalists on a loss-adjusted basis
Operational value creation, not leverage or multiple expansion, is now the dominant driver of returns.
Convenience and fuel operators accelerate back-office and edge-network adoption
Multi-site operators are consolidating point-of-sale, maintenance, and compliance onto unified platforms.
Digital twins move from pilot projects to production-grade infrastructure
Manufacturers increasingly treat twins as core systems for risk, efficiency, and long-term asset value.
Asset-lifecycle and outage-management software draws long-duration capital
Regulatory durability is making utility software some of the most defensible in the vertical landscape.
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