Hunter Walk, co-founder of the venture capital firm Homebrew, is a staple of tech Twitter. Walk worked on Second Life and at YouTube before founding his own venture fund along with Satya Patel.

A month ago, the duo announced that they were dramatically changing their strategy. The firm had previously raised three funds from limited partners — $35 million in 2013, $50 million in 2015, and $90 million in 2018 — and invested in companies like Chime, Plaid, and Honor. Then, late last month, Walk and Patel announced that they had decided to change course and start investing their own money.

That strategy shift will drastically reduce their pool of capital. And it will mean forgoing lucrative management fees that provide a guaranteed income as they wait around for their portfolio companies to mature.

Walk came on Dead Cat to explain the decision to embrace an “evergreen” capital model. We chatted about founder archetypes and what types of founders he’s looking to invest in.

In the second half of the conversation, we talked about how his views on content moderation have developed since his time at YouTube. And he bristled at the idea that I saw his brand as a “good liberal” VC.

Give it a listen.

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