Benchmark’s full partnership to debate the future of venture at Disrupt

The venture landscape has shifted dramatically, forcing firms to adapt their playbooks. Benchmark recently raised $2 billion across a new flagship fund and its first growth-stage vehicle, signaling a departure from its traditional, strictly early-stage focus. As AI captures the lion's share of global investment—accounting for $258.7 billion of the $427.1 billion invested in 2025—the partners intend to examine whether the application layer is becoming oversaturated or if hidden opportunities remain outside the current frenzy.

Disagreement among the panelists is not just expected; it is the core of the session. The group brings diverse expertise, ranging from Jack Altman’s recent transition from founder to investor, to Peter Fenton’s experience navigating seven successful IPOs, including Twitter and Elastic. By analyzing their past bets, such as the early-stage conviction in Cerebras Systems—a deal Eric Vishria nearly walked away from—the panel aims to highlight how investors update their theses when faced with unconventional technology. Attendees can secure tickets at current rates before the September 25 price increase for the October 13–15 event in San Francisco.