NextFin News - Arif Janmohamed, a prominent partner at Lightspeed Venture Partners who spearheaded the firm’s highly successful investments in enterprise giants Navan and Netskope, is preparing to launch an independent venture capital fund. According to The Information, Janmohamed is in the early stages of establishing his own investment vehicle, marking a significant departure from one of Silicon Valley’s most storied multi-stage firms. The move comes at a pivotal moment in February 2026, as the venture capital industry grapples with a resurgence in enterprise software valuations and a rapidly evolving regulatory environment under the administration of U.S. President Trump.
Janmohamed’s track record at Lightspeed has been defined by early-stage bets on complex enterprise infrastructure and SaaS platforms. His departure follows a decade-long tenure where he helped steer the firm through multiple fund cycles, including the massive $7 billion capital raise in 2022. By striking out on his own, Janmohamed joins an elite group of senior partners from top-tier firms who are opting to trade the institutional safety of 'mega-funds' for the agility and higher carry potential of smaller, specialized shops. This transition is not merely a personal career move but a reflection of the structural shifts currently reshaping the private equity and venture capital landscape in the United States.
The timing of this launch is particularly noteworthy given the current economic climate. As of early 2026, the enterprise software sector is undergoing a massive re-platforming driven by generative AI. While legacy firms like Lightspeed must manage sprawling portfolios and satisfy the diverse mandates of limited partners (LPs), smaller, focused funds can move with greater velocity. Janmohamed’s expertise in cybersecurity (Netskope) and fintech-enabled travel management (Navan) positions his new fund to target the 'intelligent enterprise' layer—startups that are not just using AI as a feature, but are rebuilding core business processes from the ground up. According to industry data, seed and Series A valuations for AI-native enterprise startups have risen by 22% year-over-year, even as late-stage funding remains more disciplined.
Furthermore, the political backdrop under U.S. President Trump has introduced new variables for venture capitalists. The administration’s focus on deregulation and the 'America First' technology policy has spurred a domestic manufacturing and infrastructure boom, creating a secondary market for enterprise software that serves these traditional industries. Janmohamed is likely betting that a leaner fund structure will allow for more aggressive positioning in these emerging niches. The Trump administration’s stance on capital gains and corporate tax structures has also made the prospect of launching new investment vehicles more attractive for high-performing general partners who wish to maximize their personal alpha.
The 'spin-out' phenomenon represented by Janmohamed also highlights a growing tension within the venture capital ecosystem: the struggle between scale and specialization. Large firms like Lightspeed have increasingly become 'asset managers,' focusing on deployment volume and management fees. In contrast, Janmohamed’s move suggests a return to the 'craft' of venture capital—concentrated bets, deep board involvement, and specialized technical expertise. For LPs, who have grown weary of the diluted returns often associated with $10 billion+ funds, the opportunity to back a proven 'hit-maker' like Janmohamed in a more focused environment is highly compelling.
Looking ahead, Janmohamed’s new fund is expected to face a competitive but fertile market. The success of his venture will likely depend on his ability to leverage his existing network of founders and his reputation as a 'founder-friendly' operator. As the IPO window for enterprise companies like Navan begins to creak open in the 2026 market, the liquidity generated from these exits will provide the necessary momentum for this new wave of independent funds. Janmohamed’s exit from Lightspeed is not an isolated incident; it is a harbinger of a broader fragmentation in the VC industry, where the most talented investors are increasingly choosing to build their own brands rather than sustain the legacy of the institutions that raised them.
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