The 2025 AGM highlighted critical shifts in venture capital, particularly regarding the potential for multi-billion-dollar funds and the emergence of $1 trillion private companies. The conversation focused on whether these large funds can deliver solid returns for limited partners (LPs). While skepticism exists about the ability of such funds to generate attractive returns, some LPs believe that a significant increase in the upper bounds of private company valuations could change the game. Companies like OpenAI and Stripe are already valued over $100 billion, sparking speculation that $1 trillion valuations might not be far off. This marks a departure from a decade ago, when $1 billion valuations were considered rare. The discussion also touched on the fundraising landscape, especially how AI companies are reshaping expectations. Non-AI founders often struggle to understand why AI firms can secure substantial funding while they cannot. The current VC environment favors companies demonstrating rapid growth, leading founders to manipulate their revenue figures to attract attention. Traditional metrics for evaluating revenue are being overlooked as venture capitalists focus on potential big winners, often betting on companies that already show signs of growth. This trend complicates the fundraising process, as founders must now find ways to stand out in a crowded market. Outbound sourcing has evolved significantly. Once a competitive advantage for a few firms, it has become a standard practice in VC. Many firms now actively seek promising companies early through various outreach strategies, including sophisticated software tools. Founders are becoming savvy about these tactics, learning how to signal their potential to attract interest. The era where being first in the door guaranteed attention is fading, as founders increasingly recognize the importance of crafting personalized outreach and engaging meaningfully with investors.