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"We validated the interest from major strategics who have big plans to integrate Anthropic into their applications."

But it also meant budgetary strategics, recruiting artists who would provide enough comeback bang for fans’ bucks without reaching for giant-star headliners that would push ticket prices up.

“No strategics because that would not be acceptable for staying independent. Short-term thinking financial institutions were out. So only ones left were special funds and family offices.”

By having venture capital trained staff like himself and the other General Partner, Kevin Brown, Askew believes they are more objective than other strategics where the operating managers are in on the decision making.

“Available leverage is so high that it discourages buyers. PEs and strategics can’t compete with people offering 6.5x leverage,” says Hill.