Annie Lamont – A Lifetime in Venture, Venture is Eating the Investment World 9

**Ted Seides** (0:01)
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Hello, I'm Ted Seides, and this is Capital Allocators. This show is an open exploration of the people and process behind capital allocation. Through conversations with leaders in the money game, we learn how these holders of the keys to the kingdom allocate their time and their capital. You can join our mailing list and access premium content at capitalallocators.com.
Mark Andreessen from 8016Z famously proclaimed a decade ago that software is eating the world. His prophecy has proved prescient. Cloud computing enabled the rapid cost-effective deployment of software, startups flourished, and venture capital returns have been phenomenal. Venture capital is a fascinating investment area whose many days in the sun shine brightest this year. Institutional portfolios with large venture allocations soared to their best year in history. And yet parts of venture are unique in being both efficient and unactionable. Many believe that Sequoia or Benchmark will produce returns at the top of the pack, but there's not much action anyone can take to participate. This mini-series explores the industry, focusing on some favorites of institutional investors who are still investible to those in the loop. Each has a great differentiated story to share and something to prove. That said, this field moves quickly, so as the disclaimer goes, past accessibility is not a guarantee of future capacity.
My guest on the ninth episode of Ventures Eating the Investment World is Annie Lamont, a co-founder and managing partner of Oak HC FT, a $3 billion venture capital firm, investing across stages in tech-enabled companies in healthcare and financial services. Annie is a legend in the industry. Across her 40 years in venture capital, she's been featured on the Forbes Midas List, the top 100 venture capitalist rankings, and received the Healthcare Private Equity Association's Lifetime Achievement Award. Our conversation covers Annie's beginnings in venture capital, inflection points in the industry, lessons learned, and spinning out to start her own firm. We then turn to her investment process, evaluating CEOs, competitive environment, and opportunities in healthcare and fintech. We close with her perspective on women in the industry and her unique experience as the first lady of the state of Connecticut.
Ventures Eating the Investment World is brought to you by Omni. Omni helps private capital investors track and analyze individual deals while providing comprehensive financial and legal insights across their portfolio. It houses the largest database of investment transactions in the private markets extracted directly from executed agreements, including the legal terms, co-investor details, liquidity preferences, valuations, and round sizes. With that information, investors can make faster investment decisions, benchmark deal terms, understand market trends, and enhance portfolio analytics. Omni's clients include leading venture funds, corporate venture groups, family offices, and endowments, including a number of past guests on the show. You can learn more at omni.fund. That's A-U-M-N-I dot fund.
Please enjoy my conversation with Annie Lamont in the ninth episode of Venture is Eating the Investment World.
Annie, great to see you.

**Annie Lamont** (5:57)
Great to see you, Ted.

**Ted Seides** (5:59)
After four decades in this business, take me back to how you first got started.

**Annie Lamont** (6:04)
Well, that is an easy story. So I got out of Stanford at the time that Silicon Valley was exploding. It was really the beginning of the whole tech era.