Insight Partners’ Devin Parekh on why the firm is diversifying while everyone else bets the farm on OpenAI and Anthropic
While the Valley goes all-in on OpenAI and Anthropic, a $90B firm is deliberately hedging — and it just lost a portfolio company to a rival.
Why it matters
Strategic diversification in AI investment reveals portfolio philosophy and risk appetite among mega-scale VCs. This is a data point on how institutional capital is actually allocating across frontier labs amid concentration risk.
The key facts
10 to knowInsight Partners: $90 billion firm
Portfolio strategy: deliberate diversification across multiple AI labs, not concentrated in OpenAI/Anthropic
Lost Legora to General Catalyst (portfolio company transition)
Exec: Devin Parekh (Insight Partners)
Date: September 2026
Thesis: hedging against single-lab dominance while peers concentrate capital
Insight Partners managing $90 billion
Devin Parekh (managing partner) choosing portfolio diversification over OpenAI/Anthropic concentration
Loss of Legora portfolio company to General Catalyst (cited as trade-off for diversification strategy)
VC market skewing toward two frontier labs while one major firm deliberately avoids concentration
Go to the source
TechCrunch Venturetechcrunch.com
Publisher excerpt: Insight Partners' Devin Parekh opens up about losing Legora to General Catalyst, why he's fine holding stakes in rival AI labs, and why — even as everyone else piles into OpenAI and Anthropic — his $90 billion firm is deliberately staying diversified.