We dive deep into our sectors. Our research drives our insights and thesis-driven approach.

Search once began with a keyword; this year, it starts with a question. And instead of ten blue links, shoppers will see a generative answer. A single summary that decides who gets seen, who gets discovered, and who disappears entirely.

Alternative capital in reinsurance reached $121B in the year ended June 2025, a record high, and roughly 60% higher compared to a decade earlier. Reinsurance industry ROE was north of 14% last year (and higher in 2023), and for institutional investors, reinsurance can provide attractive, uncorrelated returns. Today, non-traditional capital (i.e., from outside the reinsurance industry) constitutes roughly 15% of total reinsurance capital.

I’ve long been a HUGE fan of Geoffrey Moore’s book “Crossing the Chasm”. That said, as we work with more and more AI companies, we are witnessing a fundamental breakdown in the customer behavior that Geoffrey observes and reports on.

As we’ve highlighted in some of our recent posts on AI value creation and “Hidden AI”, there are increasingly diverse set of ways to win given the technology advancements made available to founders today. One of the models that has come into heavy focus (and scrutiny) is AI-powered roll-ups. There are a lot of reasons to be excited about this model, after all, it’s one of the most direct pathways to tie the outcomes of AI to your own bottom-line, while implementing AI as swiftly and fully as you can. That said, it may also be the most controversial of AI value creation strategies with some claiming that it’s simply PE dressed up in VC’s clothing. With that, we wanted to share additional perspective given our experience and research on the space.

Every year, I leave the Emerging Manager Circle Summit humbled. When we started EMC back in 2019, I never intended for it to become what it is today. It was just a few of us sitting in a circle, trading stories about the brutal, beautiful work of building a venture firm from scratch. That spirit has remained sacred. This year’s gathering at the Wythe Hotel in Brooklyn carried that same energy–an honesty that only exists when everyone in the room knows how hard this path really is.