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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Square Peg's portfolio compounded 30% over 12 months with realizations exceeding $1 billion, driven by companies successfully integrating AI to strengthen moats. The firm is aggressively deploying into AI-native startups attacking labor markets far larger than traditional software budgets, viewing this as an extraordinary value creation period."
Square Peg delivered strong portfolio performance with 30% compounding over 12 months and total realizations exceeding $1 billion since inception, driven by fundamental growth across vintages and material valuation uplifts in companies including Airwallex, Supabase, Aidoc, and others. The firm has developed a framework for assessing AI disruption based on whether AI is a structural tailwind or headwind and whether companies act AI-native, applying this to both portfolio management and new investments. Existing portfolio companies like Airwallex, Supabase, and Aidoc are successfully integrating AI to strengthen moats and accelerate growth, with Airwallex reaching $1.3 billion annualized revenue and Supabase seeing 600% growth in database launches driven by AI agents. Recent early-stage investments concentrate on AI-native companies attacking labor markets, including Byron, Lorikeet, Sumble, and Cuttable. The firm views Singapore's emergence as a global tech hub as a significant opportunity, with their APAC-wide strategy providing pattern-matching advantages during this period of unprecedented value creation and elevated entry valuations.
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