Introducing Permanent Capital Ventures
Introducing Permanent Capital Ventures
Today we’re excited to introduce Permanent Capital Ventures, an early-stage venture capital firm leading Series A investments in applied AI companies. Since inception in early 2024, we’ve raised more than $350M and are now investing out of PCV Fund II, a $200M vehicle designed to help technical founders manifest their full potential by building world class go-to-market machines.
The idea for PCV began more than a decade ago when Jason first approached Mike with a plan for how a venture firm could better serve technical founders by specializing in go-to-market help. Mike spent 11 years at LinkedIn, rising to run the global sales organization and taking it from $10M to $5B in revenue through an IPO and subsequent Microsoft acquisition, before becoming CEO of Relativity. Jason backed and later joined project44 as Chief Growth Officer, scaling the company from $1M to $130M in ARR after investing institutionally for seven years.
We understand the intensity and focus required to build go-to-market engines designed to scale.
That’s where the conversation started: what would a venture fund led by operators, for operators, look like? Before we raised a dollar, though, we had to answer a bigger question: why does the world need another venture capital firm?
To answer that question we reflected on our own life experiences. We’ve been in the room when the product was ready but the pipeline wasn’t. We’ve watched brilliant technical teams stall not because the tech failed, but because no one had built the machine to sell it effectively. In an AI-native era, the gap between ship speed and sales speed is wider than it's ever been before. Distribution is now an even more powerful moat. That is why we back founders who’ve cleared the hardest part, building something real in legacy industries that need it, and are ready for the part that we know cold: go-to-market excellence.
As operators, we’ve driven billions of dollars in sales, hired thousands of people on five continents, managed through hot markets and downturns, acquired companies, made and missed quarters, rang the opening bell, and danced on stage at sales kickoff. We’ve experienced the realities of what it takes to build winning companies and that experience informs the way we support founders today.
We invest with deep conviction and make only 2 investments per partner per year. Our model works best by focusing deeply on each company and working shoulder-to-shoulder with the founders we serve. We are building the firm that we would have sought out as operators.
Thank you to our LPs for believing early, to the founders who trusted us to support you, and to our team who joined before we had a first fund closed or a real office. And to the operator friends and former colleagues who showed up simply because we asked - thank you!
Mike and Jason,
Permanent Capital Ventures