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jeff horing

T2 · manager / operator

Jeff Horing founded Insight Partners in the mid-1990s after leaving Warburg Pincus; he built the firm into a $12B+ single-fund platform across venture, growth, and buyout stages, pioneering software-focused sourcing at scale and a 'one fund' strategy. He remains deeply involved in deal sourcing, portfolio management, and firm culture.

10 calls·10 names·90% bull·last heard last year·Invest Like The Best
track recordleaderboard →
hit rate
100%
avg alpha
+14.1pp
scored
1

top calls

best measured alpha vs SPY, then highest conviction · one per company
1st+14.1pp vs SPY
$SSentinelOneposition

Early investor in SentinelOne at $4-5M ARR, now public

SentinelOne (referred to as Cena) was backed at $4-5M ARR and grew into a public company; exemplifies Insight's early-stage sourcing and scaling within one-fund strategy.

Invest Like The Best2025-09episode →
2ndhigh conviction
$WIZWizposition

Wiz is a flagship portfolio company backed at zero revenue, doubling net new bookings for six years

Wiz checked all five perfect investment criteria: big ROI, big ASP, fast time-to-value, great CEO and tech team; net new bookings doubled annually for six years creating massive compounding growth.

Invest Like The Best2025-09episode →
3rdhigh conviction
$MNDYMonday.composition

Early investor in Monday.com at $5M ARR, now a public company success

Monday was not the most obvious funded company but had the right metrics; Insight backed at ~$5M ARR and it grew into a large TAM supporting a major exit.

Invest Like The Best2025-09episode →

most discussed · click a bar to filter

  • $ANTHROPIC
  • $RIVIERA-PARTNERS
  • $WIZ
  • $ADBE
  • $DATABRICKS

recurring themes

  • SaaS Business Models2
  • AI Applications2
  • Gross Dollar Retention1
  • Software Buyouts1
  • Enterprise Software1
10 total
$ANTHROPIC
Anthropic
MEDjeff horing·Invest Like The Best·last year·5 Ingredients for the Perfect Investment | Jeff Horing Interview· position
Insight backed Anthropic in recent large round via public strategy fund
Anthropic's CEO Dario Amodei is phenomenal with a defensible moat; revenue inflected dramatically with coding adoption in last four months, making it an interesting bet despite late entry.
"that's a little bit more driven from our public strategy just to be clear so it's not in the core fund that's a good example of one where had I heard the story two years ago I wou…"
55:55
$RIVIERA-PARTNERS
Riviera Partners
MEDjeff horing·Invest Like The Best·last year·5 Ingredients for the Perfect Investment | Jeff Horing Interview· position
Insight bought large stake in Riviera Partners, top tech executive recruiting firm
Riviera is the largest tech recruiting firm for C-level/CTO/CPO talent; critical asset in AI age where talent is everything, supporting portfolio companies' hiring needs.
"We bought a pretty expensive uh large interest in Riviera Partners which is the largest tech recruiting firm for sea level or sort of CTO and CPO talent um which is you know they'…"
63:01
$WIZ
Wiz
HIGHjeff horing·Invest Like The Best·last year·5 Ingredients for the Perfect Investment | Jeff Horing Interview· position
Wiz is a flagship portfolio company backed at zero revenue, doubling net new bookings for six years
Wiz checked all five perfect investment criteria: big ROI, big ASP, fast time-to-value, great CEO and tech team; net new bookings doubled annually for six years creating massive compounding growth.
"Take Whiz, which is obviously one of our favorite stories in life and great team and they've been able to double or more their net new bookings each year for six years. And just w…"
14:45
$ADBE
···
Adobe
MEDjeff horing·Invest Like The Best·last year·5 Ingredients for the Perfect Investment | Jeff Horing Interview
Adobe can expand Photoshop market share from 3% to 20% via AI lowering learning curve
AI dramatically reduces user interface complexity, allowing Adobe to expand Photoshop's addressable market from 3% to 20% of humans by lowering the learning curve an order of magnitude.
"Adobe like how much better is Adobe that has a 3% market share of humans to Photoshop and now could expand it to 20% because the user interface and learning curve has gone down by…"
95:22
$DATABRICKS
Databricks
MEDjeff horing·Invest Like The Best·last year·5 Ingredients for the Perfect Investment | Jeff Horing Interview· position
Insight invested in Databricks mega-round at massive private valuation
Databricks represents the new paradigm of companies staying private longer and raising IPO-plus rounds; Insight evaluates through forecast, likely exit value, and risk-adjusted venture returns.
"that data bricks is still a private company at this scale is sort of unheard of. Uh you could argue OpenAI is still a young company relatively speaking to the timing of its revenu…"
6:27
$S
···
SentinelOne
MEDjeff horing·Invest Like The Best·last year·5 Ingredients for the Perfect Investment | Jeff Horing Interview· position
Early investor in SentinelOne at $4-5M ARR, now public
SentinelOne (referred to as Cena) was backed at $4-5M ARR and grew into a public company; exemplifies Insight's early-stage sourcing and scaling within one-fund strategy.
"Cena is another public one I'm involved with. It was sort of four or five million in size when we got there. So some of them just grow and have TAMs to support those exits."
55:18
$UBER
···
Uber
HIGHjeff horing·Invest Like The Best·last year·5 Ingredients for the Perfect Investment | Jeff Horing Interview
Insight passed on Uber at attractive round, calls it a huge mistake
Insight evaluated Uber at a great round but partnership voted to pass; acknowledges it was a massive missed opportunity due to mandate limitations and West Coast bias.
"We looked at Uber at a really attractive round. We fought like hell as a partnership over it and we finally passed. Obviously, huge mistake, right? Like it was a great outcome."
81:45
$MSFT
···
Microsoft
MEDjeff horing·Invest Like The Best·last year·5 Ingredients for the Perfect Investment | Jeff Horing Interview
Microsoft can enhance existing products with Copilot rather than rebuild from scratch
AI is a TAM expander for incumbents: Microsoft can make PowerPoint better with Copilot and expand addressable market, not just defend against disruption.
"Can I make PowerPoint the existing product way better with a co-pilot? Yeah, you probably can. And I think that's way more interesting or Adobe like how much better is Adobe that…"
95:10
$MNDY
···
Monday.com
HIGHjeff horing·Invest Like The Best·last year·5 Ingredients for the Perfect Investment | Jeff Horing Interview· position
Early investor in Monday.com at $5M ARR, now a public company success
Monday was not the most obvious funded company but had the right metrics; Insight backed at ~$5M ARR and it grew into a large TAM supporting a major exit.
"Monday it was an interesting company but not the most obvious funded company. It was you know probably five million in size when we backed it and Cena is another public one I'm in…"
55:13
$VERITAS
Vertafore
MEDjeff horing·Invest Like The Best·last year·5 Ingredients for the Perfect Investment | Jeff Horing Interview· position
Vertafore was Insight's first software buyout in 1999, now owned by Vista
Vertafore proved software companies with cash flow could be bought and levered; Insight high-fived at 2x leverage then, today it likely carries 9x leverage showing market evolution.
"the other was owned by a large insurance company um which is now called Veraphor, the software company that we bought. So it was the first that was the first buyout I'm aware of i…"
48:06
9
Gross Dollar Retentiontailwind
GDR is the fundamental driver of exit values and LTV in software
Gross dollar retention (GDR) predicts customer lifetime value; companies with low GDR (80s) rarely become top-20 market cap businesses because they must refill 20%+ of revenue annually just to stay flat, driving up CAC and compressing margins.
9
SaaS Business Modelstailwind
Massive sourcing engine (60-80 people) is Insight's core competitive moat
Insight's sourcing platform — built over 25 years with institutionalized analyst classes — sees every pitch, enabling pattern recognition at scale; 16-18 funds and 30+ partners spun out prove the training model, creating a self-reinforcing deal flow flywheel.
9
Software Buyoutstailwind
Insight pioneered venture buyouts: control of 30-40% growers with cash flow, unlevered
Software companies generating cash flow but not growing fast enough for venture nor large enough for strategic M&A are 'tweeners' ideal for control buyouts; Insight has made 'a ton of money' in this segment with high hit rates and low competition.
9
AI Applicationstailwind
AI is a massive TAM accelerator for enterprise software, not a disruptor of complex apps
AI expands TAM by automating the 95% of user time spent on data generation/entry, not by replacing core systems; complex enterprise software has business knowledge moats, not technology moats, so incumbents benefit by launching AI-native products into adjacent workflows.
8
Enterprise Softwaretailwind
Five-ingredient framework for perfect investment: big ROI, big ASP, fast time-to-value, great CEO, great tech team
Investments must deliver large ROI and ASP relative to incumbents, immediate time-to-value (vs. years for SAP), and be led by exceptional CEO and product-driven tech team; Wiz is the rare example checking all five.
8
One-Fund Strategytailwind
Single $12B fund across stages enables doubling down on winners without LP conflicts
One fund allows risk management via check size relativity and captures the 'double down' bet — the best bet in investing — by scaling from $5M to $200M+ positions over time without inter-fund allocation conflicts or tweener round problems.
8
Private Marketsrisk
Secondary markets at 70 cents on dollar reveal private mark overvaluation post-2021
Many 2021-vintage companies with low GDR and low growth trade at 70% of marked value in secondaries; fair value for such profiles is 3-4x revenue (e.g., low-single-digit growth + 80% GDR), far below prior marks.
8
AI Agentstailwind
Insight has 25 agentic AI bets targeting commercial market automation
Agentic AI applications in vertical workflows (e.g., automating data generation for CRM users) are re-accelerating portfolio companies' growth in short timeframes; this is the primary investment focus for AI-driven TAM expansion.