The Peel(@ThePeelPod):.@jmj on when a Seed fund should break its portfolio construction rules: "We did Erebor, the $2 billion round. We put a large percentage of one of our funds into that. We got to know Owen, the CEO, but obviously Palmer is a big part of the company. If we had said at IC, 'No, we can't do that deal, we're a seed fund,' then we would've just eliminated a big part of the market. And Erebor is, in five months, one of the fastest growing banks of all time. I said, why would you not put 5 or 10% of your fund into that company? It just makes sense relative to only doing really early stage investing."

2026.09.20 13:29

.@jmj on when a Seed fund should break its portfolio construction rules: "We did Erebor, the $2 billion round. We put a large percentage of one of our funds into that. We got to know Owen, the CEO, but obviously Palmer is a big part of the company. If we had said at IC, 'No, we can't do that deal, we're a seed fund,' then we would've just eliminated a big part of the market. And Erebor is, in five months, one of the fastest growing banks of all time. I said, why would you not put 5 or 10% of your fund into that company? It just makes sense relative to only doing really early stage investing."