reflecting on @CrucibleCap turning 2 next month. emerging trends in venture platforms that will accelerate as infrastructure economics change the economics of venture. what am i missing? compute — firms building or funding their own compute businesses. (Our compute biz has 8-figure run rate; Cambium built an opco/propco with capital partners to deploy portco Sambanova’s chips; nearly every large fund is doing something here to route immense capex and opex margins back to their bottom line) asset optimization — firms buying businesses or asset portfolios and optimizing them with their portcos. (GC buying a hospital; we’re looking at distressed energy assets to optimize w a portco and harvest levered depreciation.) restructuring — firms doing bankruptcy buyouts, restructurings, and recaps of legacy companies. (we did @standardnuclear with @decisivepointvc; working on a second energy buyout/restructure w another partner now) trading — firms moving into trading: prop desks, market making, and/or managing their own VaR/exposure. (we run a prop book; many HFT/MM VC arms have strategic capital offerings; hearing one large SV fund is trying to hire traders.) strategic finance — firms moving beyond talent, biz dev, media platform into strategic finance as companies need more debt: ABS, EBL, trade finance, PO finance, serviced by an in-house lead. (we’re building a syndication network and a suite of template docs/tools.) securitization / tokenization — as financing complexity grows, more firms will help companies securitize or tokenize fixed assets/liabilities to tap larger capital pools without an IPO, either partnering with a platform or building their own since it’s largely a commodified service now(Meltem Demirors)