Does Bessemer Still Want Concentrated Growth Bets?

Sameer Dholakia says the numbers in a $4 billion Bessemer growth portfolio are large, and the firm still wants concentrated bets. A concentrated bet means Bessemer may write $200 million to $400 million into one company, into one opportunity, when conviction is high enough.

The capital would probably go in over a couple of different rounds, or a few rounds, and the fund is still looking for relative concentration. For the late growth funds, he thinks the average check size will be 5% to 10% of the fund, and 5% to 10% feels fine. Early growth is a little different. In the last growth fund, Century 2, he thinks 20% went into Anthropic.

Late growth stays a concentrated construction inside the $4 billion pool. Century 2 is the case he points to, where he thinks Anthropic took 20% of the fund. He feels pretty good about the stake, and Bessemer flexes above a normal late-growth check when the firm believes Anthropic is generational. The 5% to 10% range is the average check he expects for late growth.