As we turn the page into 2025, my colleagues and I at Asymmetric Capital Partners are optimistic for what the next year holds for growth and innovation. We do not expect these gains to be shared uniformly, however, we see distinct winners and losers. On the positive side, we expect to see truly valuable AI companies outperform and prosper as flash-in-the-pan and hype companies falter. Simultaneously, we foresee the rise of vertical integration plays and those pursuing buy and build strategies for markets in need of technology streamlining. We also expect limited partners investing in technology to continue their shift toward capacity-constrained, returns-oriented upstarts (versus asset gatherers who have optimized for fees). Finally, we see the beginning of the end for the 2020-2021 cohort of overfunded growth companies. Yet, for many investors, the release marked a watershed turn in AI's practical availability. While many applications are quite compelling, we remain concerned that...
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