Why Coatue won't invest in vertical SaaS anymore despite billion-dollar exits

plus funds, which are several now, vertical SaaS is no longer an investable category just because the outcome sizes will not be enough to generate the mega outcomes needed. Listen. Vertical SaaS, I think you could talk about it a lot of different ways. Constrain TAM, AI risk, all kinds of stuff. They're still great businesses today. People have made a lot of money in vertical software over time. Think about Insight. Right? They've had incredible exits in vertical software over time. Multibillion dollar exits. In today's world, if you have a big fund, I don't think that's where you should be focused. I think you should be focused on the absolute mega outcomes, the platform companies that are gonna generate that disproportionate return, and you're actually gonna get liquidity out of. Don't laugh. What is an attractive enough upside scenario

to get you excited? You know, we always hear an early stage in my business, oh, it needs to be a fund returner. Sure. What is attractive enough for you? Like, Revolut, I think, is a phenomenal company. I'd love to be ambassador. 75,000,000,000,