What if the biggest edge in venture today isn’t picking companies—but owning the entire lifecycle of capital? In this episode, I sit down with Paris Heymann, Co-Managing Partner of Technology Investing at J.P. Morgan Private Capital, to discuss how the boundaries between public and private markets are breaking down. Paris explains why companies are staying private longer, how value is increasingly accruing to private investors, and why multi-stage platforms are becoming the new model for capturing returns. We also explore how AI is shifting business models from selling software to selling work, why founder quality still drives outcomes, and how power laws continue to dominate both private and public markets.

Highlights:

Why the line between public and private markets is disappearing
How J.P. Morgan competes using platform, not just capital
Why companies are staying private for 15+ years
What changes when companies start selling “work” instead of software
Why valuation matters less than quality and compounding
How power laws dominate even in growth and public markets
Why founder-market fit matters more than ever in AI
The real advantage of multi-stage investing platforms

Guest Bio:

Paris Heymann is Co-Managing Partner for Technology Investing within J.P. Morgan Private Capital, a division of J.P. Morgan Global Alternatives in J.P. Morgan Asset Management. Paris joined Private Capital from Index Ventures in 2024 where he served as Partner and helped to establish the firm’s New York office. Before Index, Paris was Partner at Arena Holdings where he invested globally in public and private technology companies. He began his career at Bain Capital within the North American Private Equity group. Paris holds a B.A. in Political Economy from Williams College.

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Sponsor:

AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Paris Heymann:

LinkedIn:https://www.linkedin.com/in/paris-heymann/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Why JP Morgan Has a Hidden Edge in Venture (0:47) When Capital Alone Isn’t Enough to Win Deals (2:18) Why the Venture Model Is Quietly Breaking (3:48) Should the Best Companies Ever Go Public? (5:40) The Real Reason Founders Stay Private Longer (7:38) What “Growth Equity” Actually Means Today (8:39) Why AI Demand Is Exploding Faster Than Anyone Expected (10:09) Why Selling “Work” Will Replace Selling Software (11:30) Why Data Moats Might Be Less Valuable Than You Think (13:40) Why Expensive Companies Can Still Be Cheap

E349: Built to Scale: The J.P. Morgan Growth Playbook