MoneySeptember 13, 2026via TechCrunch Venture
Insight Partners’ Devin Parekh on why the firm is diversifying while everyone else bets the farm on OpenAI and Anthropic
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.
Key signals
- Insight 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
The hook
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.
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.