Your Next Investor Is Going Extinct

The emerging managers who write the first checks into non-AI startups are being defunded. In 2026, 91 percent of new LP money went to brand-name firms, and first-time funds collapsed 64 perc

You can obsess over your pitch, your metrics, and your moat, and still lose, because the fund that would have written your first check no longer exists. In 2026 the investors who back non-AI, non-famous companies are quietly going extinct. The problem is not your startup. It is the empty chair across the table.

The Squeeze at the Source

So far this series…