Union Square Ventures Nearly Doubles Core Fund to $900 Million for AI Era

New York City-based venture firm Union Square Ventures is reinventing itself to compete more aggressively in the AI race, nearly doubling the size of its core fund and raising $900 million in new money — including $500 million for its latest early-stage fund. The move signals the firm's conviction that the current wave of artificial intelligence investment demands a different scale and strategy. As part of the shift, USV is whittling down its general partnership to just four investors, a leaner structure the firm believes will let it move faster and concentrate its decision-making. Nick Grossman, one of those four partners, joins Ed Ludlow on "Bloomberg Tech" to explain the thinking behind the changes. Grossman discusses how USV plans to deploy the new capital, what it is looking for in AI-era founders, and why the firm believes a smaller partnership and a bigger fund can coexist as it positions itself for the next phase of technology investing.