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LP letter

Twelve months on: the case for true early-stage venture

May 15, 2026April 10, 2026 by Michael Berolzheimer
A bee resting on a plain white surface, scale and patience

A year ago I feared the potential demise of true early-stage venture. The data since has confirmed the analysis and compounded the problem. Here is where the prescription stands now.

Categories General Tags Capital Concentration, Emerging Managers, firm narrative, Fund Formation, LP letter, Market Structure, pre-seed investing, SaaSpocalypse, Venture Capital Market

…and we’re off: vibe coding at Bee Partners

May 15, 2026May 15, 2025 by Michael Berolzheimer
Workbench covered with tools and components in active assembly, suggesting building in progress

The Q1 2025 LP letter is the first Bee Partners letter assembled predominantly with AI assistance. Portfolio company updates were drafted by AI; this is what the operating threshold looked like from the inside.

Categories General Tags AI infrastructure, AI-first firm, firm narrative, LP letter, vibe coding
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