New fundAug 28, 2026, 04:09 UTC

Permanent Capital Ventures launches $200M Fund II, tops $350M raised since 2024

What's the deal? Permanent Capital Ventures (PCV) has launched as an early-stage firm leading Series A rounds in applied AI companies, and is now investing from PCV Fund II, a $200 million vehicle. The firm has raised more than $350 million since it started in early 2024.

Who's behind it? PCV was founded by Mike Gamson and Jason Duboe, who built its strategy around helping technical founders develop go-to-market teams that can match the pace of their product development.

Why now? The firm argues that fast AI development has widened the gap between companies' ability to build products and their ability to distribute and sell them. It targets applied AI businesses in legacy industries, where founders have proven they can build technology but need help creating repeatable enterprise sales engines.

The operators: Gamson spent 11 years at LinkedIn, where he led global sales as revenue grew from roughly $10 million to $5 billion through the company's IPO and Microsoft acquisition. He later ran legal tech firm Relativity. Duboe invested institutionally for seven years before joining supply chain firm project44 as chief growth officer, where the company scaled from about $1 million to $130 million in annual recurring revenue.

What's the endgame? Rather than build a large portfolio, PCV plans just two investments per partner each year. That concentration is meant to let partners work closely with founders on sales strategy, organisational design, and go-to-market execution.

The signal: PCV is betting that distribution — not product — is becoming the key competitive edge in AI, as development cycles outpace what traditional sales organisations can absorb. Its thesis: technical founders paired with strong go-to-market infrastructure can build far bigger companies.