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Insight Partners' Deven Parekh says the $90 billion firm will stay diversified as other VCs crowd into OpenAI and Anthropic

September 13, 2026 at 17:52 EDT

Funding & M&A
Foundation Models

Insight Partners managing director Deven Parekh said the $90 billion software firm is deliberately staying diversified—including stakes in both OpenAI and Anthropic—even as other venture funds pitch putting 35% to 40% of a single vehicle into one of the two frontier labs.

September 13, 2026 · Insight Partners

Staying diversified on purpose

Deven Parekh says the $90 billion firm will keep spreading AI bets—including OpenAI and Anthropic—while some new funds pitch 35–40% into a single lab.

$90B

Insight assets under management

$217B

OpenAI + Anthropic take of H1 AI VC

$20B+

Returned to LPs in two years

How much of a fund into one lab?

Each block is 5% of a fund. Taller column = a concentrated pitch; shorter column = the Anthropic sleeve Parekh said would look better for Insight right now.

35–40%

Some new funds' one-lab pitch

25%

Hypothetical Anthropic sleeve

Early ticket vs. late check

Each block is $25 million. Insight would rather write the short column first, then add to winners, instead of a $500 million late check with little new data.

$25M

Earlier check

$500M

Late-stage check

20× — a $500 million late check is twenty times an early $25 million ticket.

The case for spreading bets

Later-stage stakes in both OpenAI and Anthropic are treated as buying stock once a firm is off the board. Most LPs, Parekh said, do not want 35–40% in one name.

The cost of not concentrating

A 25% Anthropic sleeve would look better in this moment. Some founders still bristle at even 2% revenue overlap between rival companies.

Think in ten funds, not one. Venture has rewarded diversification over a long horizon—even when a concentrated Anthropic bet would print better this year.

Fund 13 · lost Legora in Stockholm · still holds both frontier labs · watching robotics, not writing the big physical-AI check yet

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