Hunter Walk
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Hunter Walk, Homebrew & Screendoor
Hunter Walk and Satya Patel restructured Homebrew into a self-funded evergreen vehicle to eliminate external LPs and align 100% of incentives with founders, while also co-founding Screen Door to provide structural mentorship and capital to emerging managers in North and Latin America. This approach counters the industry's trend toward commoditization by operating without fund life deadlines and prioritizing concentrated, differentiated strategies over fee-driven scale. The firms collectively aim to disrupt the venture capital sector by fostering diverse, high-performing portfolios and advising new GPs on raising "minimum viable funds" to maximize operational efficiency.
Homebrew’s Hunter Walk & Satya Patel: Why $100M is Not Enough to Execute a Seed Strategy | 20VC #972
Hunter Walk, Satya Patel, Harry Stebbings, Robbie, Sacha, Kieran, Eric, Jason Lampkin, Larry
Founded in 2012, Homebrew operates as a two-partner investment firm that transitioned to a self-capitalized model in late 2022 to maintain total decision-making autonomy and strict consensus governance. By funding their own operations through recycled carry rather than external limited partners, co-founders Satya Nadella and Hunter walked away from fixed fund sizes to pursue price-agnostic, long-term portfolio building focused on founder alignment over rapid exits. This strategy allows the partners to prioritize deep operational support and early secondary liquidity for founders while navigating a market correction that favors companies with genuine product-market fit over those reliant on inflated valuations.
Semil Shah: Lessons Learned Scaling from a $1M to a $50M Fund | 20VC #951
Semil Shah, Hunter Walk, Satya Patel, Kyle Harrison, Harry Stebbings
Haystack manages a disciplined investment strategy centered on $50 million funds targeting 5% to 10% ownership in "uncivilized" founders, deliberately avoiding hot seed rounds to maintain operational agility and founder control. Led by Sam Semmel, the firm navigates a polarized institutional landscape by rejecting preferential terms for early investors while prioritizing a 24-month deployment cycle to capture high-growth opportunities in sectors like security and infrastructure. This approach has yielded standout successes such as HashiCorp's transformation from a small seed check into a $35 million return, even as the firm prepares for significant portfolio mark-downs amid broader economic contraction.