2025 was a year of acceleration for SemperVirens. We returned over half of Fund I, launched our Accelerator, and delivered top decile and top quartile performance across all flagship funds. As AI resets the competitive landscape, it is unlocking a previously unimaginable market opportunity, moving well beyond traditional software into the vast services economy. The companies that win will be those that can integrate into complex enterprise environments and build a scaled distribution moat. We have spent decades building the relationships, sourcing channels, and ecosystem to help our portfolio do exactly that.
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