Henry Ellenbogen founded Durable Capital Partners after a long career at T. Rowe Price, where he managed the New Horizons Fund. He focuses on finding the ~1% of stocks (40 per decade) that compound at 20%+ for 10 years, investing across public and private markets with a 10-year horizon. Durable is known for holding companies from private rounds through public markets (DoorDash, Affirm, Toast, Duolingo, Figma).
Durable led DoorDash's final private round and has held through public markets, adding on volatility. Physical logistics network (fulfillment centers, reconditioning) creates hard-to-replicate moat analogous to Amazon's 20-year cost deflation curve.
Max Levchin combines deep technical talent, recruiting magnetism, resilience, and leadership. Regulated fintech has high legal/compliance costs; AI enables growing revenue without adding headcount by automating contract monitoring, merchant communication. Durable led final private round and held public.
Durable's model enables tracking companies from early private ($2B val, $30M ARR) through IPO and beyond with same analyst (Katherine). Figma demonstrates purpose-built org structure: analysts cover both private early-stage and public durable growth, unlike traditional firms split by stage.