VC10X - Investing, Venture Capital, Asset Management, Private Equity, Family Office

Sam Altman recently defended AI's massive energy consumption by saying humans are energy-intensive too — consuming energy for 20 years before becoming useful. We think it deserves a harder look.In this episode, we break down why that comparison is more than a clever deflection. We examine what AI's learning actually runs on and why that changes the argument entirely, why reducing humans to an efficiency metric is a framing worth resisting, and why this particular narrative is one that venture capitalists find very easy to fund — which tells you something important in itself.We also look at what this means practically for investors: how to stress-test civilisational storytelling, which regulatory risks are being underpriced, and why energy intensity is a structural cost question as much as an environmental one.No drama. Just clear analysis of a soundbite that slipped past most people — and probably shouldn't have.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comSUBSCRIBE FOR MOREVC10X breaks down the most important stories in finance, tech, and markets every week. Subscribe for actionable insights.

Ankur Sethi spent years at two of India's most iconic startups — Swiggy and Paytm — before leaving his operating role to found Winner Capital, a consumer-first, AI-native syndicate investing out of North America.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comIn this episode, we get into:→ Why consumer AI is massively underfunded while enterprise SaaS gets all the attention→ What "durable retention" actually looks like — and the ambassador signal every founder should watch for→ The 0→1, 1→10, 10→100 framework and how your mindset must shift at each stage→ Why unit economics are non-negotiable even at pre-seed→ The one operating principle from Swiggy & Paytm that most founders underestimate until it's too late→ Why launching a fund during a market correction is actually an advantage→ His honest take on India as a market — and when Winner Capital plans to enterIf you're a founder building in consumer tech or AI, or an operator thinking about making the leap into venture, this one is for you.🔔 Subscribe for weekly conversations with the investors shaping the next generation of startups.📩 Reach Ankur at ankur@winner.capital or find him on LinkedIn - https://www.linkedin.com/in/1ankursethi/Timestamps:(00:00) - Two narratives of AI: Just getting started vs. over-hyped.(00:49) - Introduction to Ankur Sethi and Winner Capital.(02:21) - The market gap that led to starting a consumer-focused AI fund.(03:40) - Why Ankur believes we are just at the start of the AI revolution.(06:23) - Winner Capital's focus on the AI application layer for consumers.(07:32) - Managing fund dynamics for deep tech vs. software AI investments.(10:07) - A founder conversation that changed Ankur's conviction about a market.(15:26) - Clearest indicators of durable retention in consumer AI.(18:21) - The opportunity of launching a fund during a market correction.(20:27) - The operational shift from the 0-to-1 to the 10-to-100 million journey.(26:01) - The one operating principle from Paytm/Swiggy that founders underestimate.(30:01) - Balancing growth vs. unit economics at the seed stage.(36:08) - Ankur's perspective on India as a market and talent base.(38:57) - Start of the rapid-fire round.Podcast Links:Prashant Choubey - https://www.linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comFor sponsorship queries, reach out to prashantchoubey3@gmail.com#consumerai #venturecapital

Anthropic was founded by former OpenAI leaders who left over safety concerns.Now, Anthropic’s own safety lead is leaving over safety concerns.In the same week: • Claude Cowork wiped $285 billion off SaaS market caps• Anthropic is reportedly closing a $20 billion round at a $350 billion valuation• And an internal letter warns that the organization “constantly faces pressures to set aside what matters most”This episode breaks down the structural tension at the heart of the AI race:– Can frontier labs remain safety-first at $350B valuations?– How capital markets distort governance incentives– Why “catastrophic scenario avoided” is invisible to investors– The prisoner’s dilemma forming between OpenAI, Anthropic, and Big Tech– What this means for SaaS, labor displacement, and regulatory riskThis is not a philosophical debate.It is capital allocation risk at system scale.For fund managers, venture investors, and operators, the question is simple:Can safety survive trillion-dollar incentives?LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comSUBSCRIBE FOR MOREVC10X breaks down the most important stories in finance, tech, and markets every week. Subscribe for actionable insights.

What should VCs actually look for in a fund administration partner?In this episode of VC10X, we sit down with Shalin Madan, Co-Founder of Formidium - a global fund administration platform supporting venture capital, private equity, hedge funds, and alternative asset managers with over $33B+ in assets under administration.We go beyond the surface-level checklist and unpack what truly matters when selecting a fund administrator - especially for emerging managers.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comTopics covered:• The most overlooked due diligence question when choosing a fund admin• Why business model sustainability matters more than branding• How technology reflects internal discipline (and why “banning Excel” matters)• The hidden costs of managing operations in-house• Why durability is becoming more important than performance• How LP scrutiny is evolving• Why many funds and companies may not survive the next few yearsInfrastructure is no longer back office — it’s strategy.If you're building a fund designed to last 10+ years, this episode will change how you think about operations, risk, and long-term durability.Timestamps:(00:00) - The Hidden Costs of In-House Operations(00:33) - Introduction to Fund Administration and Guest Shaleen Madan(01:49) - Sponsor: Podcast 10X for VCs(02:47) - Critical Due Diligence for Selecting a Fund Administrator(04:16) - How a Tech Stack Signals Quality and Reduces Risk(05:23) - Early Trends in Capital Flows and Investor Behavior(07:39) - The Institutionalization of Family Offices(09:09) - How Emerging Managers Can Handle Future Regulatory Changes(11:12) - In-House vs. Outsourcing: A Former Fund Manager's Perspective(13:54) - The Unique Operational Challenges of Crypto-Native Funds(16:35) - How Back-Office Needs Differ Across Asset Classes(20:09) - How to Properly Vet a Service Provider's Expertise(21:33) - A Contrarian Take on Capital Flows and Market Dynamics(26:56) - The Impact of AI on Pricing Power and Outsourcing(29:18) - Key Questions LPs Should Ask About Operational Infrastructure(31:36) - Lessons Learned from Rapidly Scaling a Business(33:26) - Where to Find Shaleen Madan and FormidiumConnect with Shalin:Website - https://formidium.com/Linkedin - https://www.linkedin.com/in/shalin-madan-caia-b00239/Podcast Links:Prashant Choubey - https://www.linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comFor sponsorship queries, reach out to prashantchoubey3@gmail.com#VentureCapital #FundAdministration #EmergingManagers #PrivateEquity #VC10X

Over the past several weeks, nearly $1 to $2 trillion in market value has been erased from software and SaaS equities.At the same time, semiconductor foundries and data center infrastructure companies are demonstrating relative resilience, and in some cases outperforming.This episode examines whether we are witnessing a temporary correction or a structural repricing of the AI technology stack.We break down:• The 20 to 25 percent correction in the S&P 500 Software & Services Index• Why AI-native tooling, including developments from Anthropic and other model providers, is pressuring traditional SaaS assumptions• The resilience of advanced-node manufacturers like TSMC• IonQ’s acquisition of SkyWater Technology and what it signals about vertical integration and domestic manufacturing• The accelerating build-out of power and cooling infrastructure, with companies like Vertiv benefiting from AI-driven density requirements• Where durable value may accrue across the AI stackFor allocators, venture investors, and operators, this is less about short-term volatility and more about capital rotation.The key question is no longer whether AI is real.It is where long-term value concentrates:Application layerCompute layerPhysical infrastructure enabling itIf you allocate capital across technology, public or private, this is a critical moment.Subscribe to VC10X for in-depth conversations with leading fund managers, founders, and LPs navigating the next phase of the AI cycle.LINKSPrashant Choubey - https://www.linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comFor sponsorship queries reach out to prashantchoubey3@gmail.comSUBSCRIBE FOR MOREVC10X breaks down the most important stories in finance, tech, and markets every week. Subscribe for actionable insightsLet us know in the comments:Is software experiencing temporary multiple compression or structural repricing?#AI #VentureCapital #SaaS #Semiconductors #DataCenters #TechInvesting #CapitalMarkets

How do the world’s smartest institutional investors actually allocate capital?In this episode, we sit down with Nolan, a veteran CIO with over two decades of experience allocating capital for endowments, foundations, family offices, and healthcare systems — overseeing more than $90B in assets across public and private markets.We go deep into how institutions think about risk, liquidity, and long-term returns, why venture capital remains a power-law game, and how investors are navigating today’s biggest shifts — from AI and private credit to diversification risks and market cycles.This conversation pulls back the curtain on how capital is really deployed behind closed doors — especially in a world where exits are slower, fundraising is harder, and everyone is asking whether we’re closer to 1997… or 1999.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comWhat you’ll learn in this episode:- How institutions decide how much risk they can truly take- Why venture capital allocations haven’t disappeared — but have slowed- Private credit vs venture capital: how LPs actually think about the trade-off- How AI is reshaping portfolios across public and private markets- Why diversification matters more now than during bull markets- What CIOs are watching for as we head into 2026Whether you’re a fund manager, LP, founder, or just curious about how institutional money really works, this episode offers rare, first-principles insight into long-term capital allocation.(00:00) - Podcast Teaser: Risk, Returns, and Venture Capital (00:48) - Introduction to Nolan Bean and FEG Investment Advisors (02:20) - Nolan's Career Journey: From Associate to CIO (03:16) - What is FEG and the Outsourced CIO (OCIO) Model? (05:18) - The Four Key Risks for Institutional Investors (08:32) - Ranking Institutions by Risk Appetite (10:20) - A Breakdown of Institutional Asset Classes (13:05) - Institutional Openness to New Investment Strategies (15:30) - The Evolving Landscape of Venture Capital (17:36) - Why VC Fundraising Has Slowed Down (19:12) - Venture Capital vs. Private Credit: An Institutional Debate (21:32) - Current Institutional Preferences in VC Funds (Stage & Sector) (24:01) - Evaluating the Risk of an AI Bubble (26:54) - Domestic vs. Global Allocations (29:19) - The Unspoken Need for Diversification (31:29) - Commodities as a Portfolio Hedge (34:29) - Advice for Fund Managers Raising Capital (36:22) - Market Outlook and Expectations for 2026Connect with Nolan:https://www.linkedin.com/in/nolanbean/Podcast Links:Prashant Choubey - https://www.linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comFor sponsorship queries, reach out to prashantchoubey3@gmail.com

AI isn’t just replacing jobs anymore — it’s starting to hire humans.In this episode of VC10X, we break down two viral projects that reveal where AI agents are really headed: one where AI agents rent humans to execute real-world tasks, and another that functions as a social network built exclusively for AI agents.These aren’t gimmicks. They’re early signals of how labor, coordination, and intelligence may evolve in an AGI world.We explore: • Why AI agents need humans to operate in the physical world• How agent-to-agent social networks accelerate collective intelligence• What “humans as execution layers” actually means• The new startup categories this unlocks• Why AGI may emerge as a network, not a single model• What fund managers and investors should be paying attention to nowIf you care about AI, AGI, venture capital, and how human labor fits into a machine-driven future — this episode is for you.LINKSPrashant Choubey - https://www.linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comFor sponsorship queries reach out to prashantchoubey3@gmail.comSUBSCRIBE FOR MOREVC10X breaks down the most important stories in finance, tech, and markets every week. Subscribe for actionable insights.

In this episode, Kevin Moore shares the unfiltered story behind starting his first VC fund after nearly 15 years of preparation—from leaving a stable engineering career, to learning sales the hard way, to discovering why LPs don’t care about your past track record the way you think they do.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comWe go deep into:- Why there is never a “right time” to start a fund- The biggest misconceptions first-time GPs have about LP fundraising- Why selling is at least 50% of a VC’s job- The hidden costs (financial and emotional) of becoming a fund manager- How to think about fund size, LP targeting, and early credibility- What separates aspirational GPs from those who actually close Fund I- Kevin also opens up about doubt, discipline, faith, and the internal routines that helped him stay grounded through long stretches of uncertainty.If you’re:Considering launching your first fundExploring a transition into venture capitalCurious how LPs actually evaluate emerging managersOr simply want an honest look at what VC really looks like behind the scenesThis episode is for you.Timestamps:(00:00) - Preview(00:45) - Introduction to the episode and guest, Kevin Moore(01:35) - Sponsor Read: Podcast10X(02:16) - Kevin's 16-year journey to starting a VC firm(02:53) - The origin story: From civil engineer to financial advisor(04:45) - The "never a right time" philosophy for making big leaps(05:03) - Key lessons learned from being a financial advisor(05:25) - Why sales skills are crucial for a General Partner (GP)(06:29) - Why choose venture capital over other finance paths?(08:15) - The first order of business when starting a VC firm(08:28) - The challenge of securing working capital and startup costs(10:06) - Balancing GP commitment and operational expenses(10:47) - How to de-risk a fund launch by pre-vetting LPs(12:40) - How to right-size your first fund(13:57) - Identifying and targeting the ideal LP profile(15:48) - The biggest misconception about LP fundraising(17:57) - What to do differently in the first 10 LP conversations(19:19) - How to pace conversations with LPs(20:00) - The "Know, Like, Trust" framework for LP relationships(22:14) - The most valuable "No" from an LP(25:42) - Designing the fund's identity and investment focus(27:44) - The most underestimated part of building a firm(29:12) - The first non-obvious hires and processes needed(30:52) - Overcoming serious doubts during fundraising(32:24) - Using daily routines to manage external uncertainty(33:54) - The most overrated advice for starting a VC firm(36:24) - The one thing to pressure test before quitting your job to start a fund(37:55) - Rapid Fire Round: Serac Ventures' Investment StrategyConnect with Kevin:https://www.linkedin.com/in/kevinjosephmoore/https://substack.com/@kevinatseracvcPodcast Links:Prashant Choubey - https://www.linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comFor sponsorship queries, reach out to prashantchoubey3@gmail.com

When a fintech unicorn exits to a traditional bank, the headline says “successful exit.” This video looks deeper.We analyze the acquisition of Brex by Capital One and what it signals for fintech, startup founders, and venture investors.Topics covered:- Why this exit matters beyond valuation- What it reveals about fintech business models- Why balance sheets, regulation, and distribution still matter- How fintech exit paths are changing- What founders and VCs should learn from this dealLINKSPrashant Choubey - https://www.linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comFor sponsorship queries reach out to prashantchoubey3@gmail.comSUBSCRIBE FOR MOREVC10X breaks down the most important stories in finance, tech, and markets every week. Subscribe for actionable insights.#brex #fintech #venturecapital investing #exits

In this episode, West Point grad and Airborne Ranger Brad Harrison reveals how Scout Ventures backs frontier tech at the intersection of national security and innovation.From underwriting "impossible" breakthroughs like Casimir force energy from space vacuum to AI semiconductors deemed unfeasible by experts, Brad shares the deep diligence, non-dilutive government funding edge, and leadership playbook behind their success.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey Topics:- How military SOPs shaped Scout's 40th-revision investment process- Fundraising truths: "It takes a really long time to make money in the fund business unless you're raising lots and lots of money"- Culture as moat: "Culture starts with leadership" and "My job is to prevent war"- Deep tech diligence: "Ten years ago, nine out of ten physicists you talked to told you that was impossible"- Portfolio evolution: Engineering DPI in 18-year fund lives, unicorns like Unite Us, and avoiding herd mentality- Founder advice: Recruiting is the #1 gap, and "you always gotta follow your gut"Timestamps:(00:00) - Preview(01:25) - Introduction to the episode and guest, Brad Harrison.(02:51) - How Brad's military background shaped Scout Ventures.(05:09) - Pivotal firm-building decisions at Scout Ventures.(07:30) - Advice for new GPs on building a multi-fund firm.(08:24) - The importance of in-person meetings and investing in your team.(10:05) - The role of culture, leadership, and values in venture capital.(11:56) - Discussing Brad's film, "Brothers on Three".(13:10) - Key components of LP reporting for new managers.(14:59) - Building trust with LPs through communication and face time.(16:20) - Scout's sharpest edge in sourcing and winning founders.(17:56) - How to underwrite technical risk and IP strength at the seed stage.(20:05) - The process of underwriting seemingly impossible technologies like Casimir Space.(22:40) - The competitive advantage of using non-dilutive government funding.(24:04) - How frontier tech investors navigate the typical 10-year fund cycle.(26:30) - The importance of actively engineering liquidity in deep tech.(28:05) - The "Four Rs" for helping founders: Raising capital, Revenue, Recruiting, and Retention.(28:36) - Why recruiting is the most underdeveloped skill in early-stage teams.(30:27) - The hardest part of the recruiting process for founders.(31:50) - Scout's portfolio construction approach and how it has evolved.(37:15) - Using an annual portfolio review to refine investment decisions.(38:21) - Lessons learned from the flagship success of Unitus.(40:13) - Biggest learnings from investing in startups over the years.(42:00) - The danger of a "pack mentality" in venture capital.(44:11) - Start of the Rapid Fire Round.(44:27) - Sectors and regions Scout invests in.(44:40) - Typical stage of investment.(44:51) - Typical check size.(44:59) - How founders can get in touch.(45:07) - Where listeners can follow Brad Harrison.Connect with Brad:📧 brad@scout.vc💼 Bradley C Harrison on LinkedIn🌐 scout.vc Podcast Links:Prashant Choubey - https://www.linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comFor sponsorship queries, reach out to prashantchoubey3@gmail.com#VentureCapital #DeepTech #NationalSecurity #FrontierTech #ScoutVentures #WestPoint #DefenseTech