January 2026
From: Brian and Gaby
Subject: Fund V & Our Compute Thesis
Hello,
Today we are excited to announce our $625M Fund V. We are doubling down on our specialized, high-concentration approach to seed investing, which allows us (Gaby and me) to stay focused on all things AI Infrastructure. The new fund is a big milestone for the firm, and we'd be remiss to not thank people who receive our Infra newsletter. Your thought partnership and encouragement has been pivotal.
In that spirit, we want to share our newsletter by linking to a fresh articulation of our compute thesis, which we've published on our new website.
We hope you enjoy, and we invite you to share the content if you've enjoyed getting this newsletter. We'll be back to regularly scheduled programming next month.
Best,
Brian