"The public markets are thinning, the private markets are exploding, and AI is wholly destabilizing both."
"The funding mechanism for the software LBO complex has short-circuited, IPO markets have been weak, and it's gummed up the machinery,"
"There's no more red line where software stocks won't go below a certain point... It's a psychological shift, as well. People are more fearful."
"I've always believed in the Benchmark-type model, stay in the $400 million to $800 million-range, build those companies, and get 10x from there. I'm a firm believer in not having too much money, because discipline goes away."
Public markets are thinning while private markets are expanding amid rapid AI adoption and investor fear. AI concerns and stalled market dynamics erased roughly $1 trillion in market value, creating ripple effects into private-company valuations. The funding mechanism for software LBOs has short-circuited, IPO markets have weakened, and financing machinery has become impaired. Seligman is launching Seligman Ventures, a $500 million early-stage AI fund led by Umesh Padval with partners Ashish Kakran and Eddie Ackerman. Padval plans a Benchmark-style disciplined approach in the $400–$800 million range and intends close information-sharing with Seligman.
Read at Fortune
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