00:38:09 · Shardul Shah, Molly O'Shea
[00:38:09] S0: You cannot time it. But when you're in the right place at the right time, you have to have the courage to take advantage. So, the IPO window is out of our control. M and A has really accelerated. Again, we saw Wiz, we saw Cursor, we saw World Labs. Catalyst is really active, in supporting transactions. So, not only are public companies incumbents buying privates, but we're also seeing private to private mergers and transactions of a variety of different scale and magnitudes. So, the M and A environment is really healthy. The hardest part is when an entrepreneur has belief in themselves, and they've got a really interesting offer in front of them. What do they do? Do they stay independent, or do they sell? And the interesting thing is, most entrepreneurs, when you first meet them, will tell you, I'm on a mission, I'm never going to sell. It's deeper, and it's much more nuanced. And that's where, if you are the most influential investor, you can make an enormous impact on shareholder value in a judgment call where there is no truth. [00:39:15] S1: I heard you on a podcast before talk about you sold at the IPO price, and then it skyrocketed, and your investors were calling you up, your LPs, and then it plummeted, and then no [00:39:27] S0: one called you. It was not my LPs, they were my partners. [00:39:30] S1: Oh, okay. [00:39:31] S0: My partners called when it looked like we left money on the table. They didn't thank me when the stock price plummeted.
00:39:31 · Shardul Shah, Molly O'Shea
[00:39:31] S0: My partners called when it looked like we left money on the table. They didn't thank me when the stock price plummeted. [00:39:39] S1: Oh, God. I only imagine. I know I asked you, What do you guys look for in a fund? And then then brought up DPI in this answer, but Bloomberg had reported your fund performance. I don't know what is or not like the most current, but as of January 2026, you had an 11X DPI on Index's twenty twelve fund compared with an industry average of 1.5X, so that's pretty crazy. And then a 5.1X DPI on Index's $780,000,000 growth fund that was raised in 2015, also reported in January. What other numbers can you tell
00:39:39 · Molly O'Shea, Shardul Shah
[00:39:39] S1: Oh, God. I only imagine. I know I asked you, What do you guys look for in a fund? And then then brought up DPI in this answer, but Bloomberg had reported your fund performance. I don't know what is or not like the most current, but as of January 2026, you had an 11X DPI on Index's twenty twelve fund compared with an industry average of 1.5X, so that's pretty crazy. And then a 5.1X DPI on Index's $780,000,000 growth fund that was raised in 2015, also reported in January. What other numbers can you tell [00:40:18] S0: I believe you. You know, people think I'm very analytical because I am cerebral, but the minute I invest in a company, I don't remember how much we've invested or what our partnership is. I know it sounds like total bullshit, but it's actually true. I don't remember because I don't care. It's all about creating the relationship. Number two, I wouldn't confuse outcomes with the judgment calls that go into our partnership deciding if we're going to invest, if we're going to double down into a company, how we're going to influence an entrepreneur. Outcomes can be a function of how effervescent the market is, right? And so, we're super proud of our returns. More than a single venture fund or a single growth fund, the consistency of TUBGASL performance over three decades is something we are really proud of, and it sets a really high standard of what we need to do for the next thirty years. So, I don't have any other numbers for you, but I'm hard at work to create more.
00:40:18 · Shardul Shah, Molly O'Shea
[00:40:18] S0: I believe you. You know, people think I'm very analytical because I am cerebral, but the minute I invest in a company, I don't remember how much we've invested or what our partnership is. I know it sounds like total bullshit, but it's actually true. I don't remember because I don't care. It's all about creating the relationship. Number two, I wouldn't confuse outcomes with the judgment calls that go into our partnership deciding if we're going to invest, if we're going to double down into a company, how we're going to influence an entrepreneur. Outcomes can be a function of how effervescent the market is, right? And so, we're super proud of our returns. More than a single venture fund or a single growth fund, the consistency of TUBGASL performance over three decades is something we are really proud of, and it sets a really high standard of what we need to do for the next thirty years. So, I don't have any other numbers for you, but I'm hard at work to create more. [00:41:24] S1: I love that. That's great. Because you're not into the data stuff, I think this question might be good for you. It's a performance question, but it has nothing to do with data or insights or numbers or whatever. [00:41:34] S0: Better. Thank you.
00:41:34 · Shardul Shah, Molly O'Shea
[00:41:34] S0: Better. Thank you. [00:41:35] S1: One of our biggest partners is Brex, and they're all about spending smarter, moving faster. And I take this in a personal Ben. So I think performance for individuals is a matter of who you spend your most time with. It could be like, you grew up with. It could be a mentor. It could be a professor, it could be a book, I don't know. But I do believe a core part of an individual's performance and motivation over time is really who you surround yourself with, and I'm curious who those people or persons could be for you. [00:42:08] S0: Yeah, the person I spend the most time with, who also happens to be inspiring and a mentor of mine, is my wife. The amazing thing about Poonam is, well, she's known me my entire life. We grew up together, we went to middle school and high school, I took her to homecoming, we dated, she broke up with me on Valentine's Day. But now we're married, we're very happy, we've got two kids. She knows me better than I know myself. When I go home and pitch her an idea, she doesn't listen to the content or the substance. She just listens to how I feel, and she knows exactly when I'm high conviction and when I'm not. And that is the shadow investment committee of Index. [00:42:52] S1: That's amazing. Does she have Carrie? [00:42:56] S0: Well, we're married, and she owns everything.
00:42:56 · Shardul Shah, Molly O'Shea
[00:42:56] S0: Well, we're married, and she owns everything. [00:43:00] S1: Awesome. Okay, well, as we close out, this was really awesome. Thank you so much for taking the time, Shardul. I know we're probably at time, and you need to go to your SF office now and speak with anyone. Is there anything you're looking forward to in the next twelve months? [00:43:15] S0: You're the best, thank you. I do look forward to actually going on a walk with you. [00:43:19] S1: Was For the context, Shardul thought we were going for a walk, I was like, Little do you know, there's three cameras set up here and we're going to be interviewed. [00:43:27] S0: I look forward to actually hanging out. I look forward to you checking out our London office, which has as much taste and attention to porosity of stone as this one does. But I'm really looking forward to our team, what they accomplish, what they learn from mistakes that we make, how we come together as a cohesive group to make judgment calls, all in support of entrepreneurs. So, I'm super excited about the next couple of decades, actually. [00:43:54] S1: Awesome. This was so much fun. Thank you, Molly. Thank you so much. Hey, it's Molly. If you enjoy our interviews, check out our newsletter, sourcery.vc, where we deliver a once a week top deals and tech headlines email, and also go deeper on our podcast interviews. Subscribe to Sourcery today, and don't forget to subscribe to the podcast on YouTube, Spotify, Apple, or wherever you listen. Link in description to sign up.