2024 began with a whimper and finished with a roar as interest rates came down, secondary markets activated, and several VC-backed companies IPO'ed to friendly markets. For better or for worse, many of the trends I highlighted last year -  a successful crop of insurance-covered virtual care providers, the rise of embedded fintech for the gig economy, and the sunsetting of DEI initiatives - came to fruition. 

Looking ahead to 2025, nobody needs a VC to tell you that AI is transforming every aspect of your life. However, being a great investor does require getting the timing right so every year, I synthesize data points from our 75 portfolio companies, 150 advisors, annual pipeline of 1,500 prospective investments, and 20 strategic LPs across health plans, systems and workforce software providers to inform where we may want to deploy capital over the next twelve months.