Permanent Capital Ventures Research
Investment Thesis
Permanent Capital Ventures (PCV) is a Chicago-based early-stage venture firm founded in early 2024 by Mike Gamson and Jason Duboe. The firm's core bet is that technical founders building applied AI companies need a boutique partner who takes the transition from founder-led sales to scaled, enterprise-grade go-to-market operations seriously. PCV's stated philosophy is that "distribution is a competitive advantage in an AI-native era," and the firm positions itself as the partner that helps founders build the revenue organization once early product traction has been established. The founders describe wanting to "build the firm that we would have sought out as operators," reflecting their own operating backgrounds rather than a traditional finance pedigree.
Stage Focus
PCV invests almost exclusively at Series A, targeting companies that are "entering the stage where early traction is no longer enough" and need to build repeatable, enterprise-scale revenue engines. The firm explicitly targets founders who have already proven product-market fit and are transitioning out of founder-led sales.
Check Size
Exact check-size ranges are not published on the firm's website. The firm describes a concentrated investment approach, with each investment team member making roughly 1-2 investments per year, implying a small number of high-conviction Series A checks annually across the partnership.
Lead Tendency
PCV leads rounds when it invests as the primary or sole institutional sponsor of a company's applied-AI go-to-market buildout (e.g., leading Outmarket AI's $17M Series A in May 2026), but also participates alongside other firms in later rounds for existing portfolio companies (e.g., a follow-on Series B participation in Compa alongside Jump Capital, Crosslink Capital, and Storm Ventures in January 2026).
Recent Activity
PCV closed PCV Fund II, a $200M vehicle, and has raised over $350M in aggregate capital since inception in early 2024, positioning the firm as an actively deploying, well-capitalized early-stage investor. Recent activity includes leading Outmarket AI's $17M Series A (May 2026) and participating in Compa's $35M Series B (January 2026) as a follow-on investor in an existing portfolio company.
Portfolio Highlights
PCV's portfolio spans applied-AI enterprise software across verticals: Compa (AI compensation intelligence), Cynch (AI-driven vertical software), Day.ai (AI-native CRM), Logik.io (CPQ/configure-price-quote automation), Lyric (supply-chain AI), Mia, Outmarket (AI-native insurance brokerage platform), Provi (beverage ordering/distribution marketplace, Series C), Recur (revenue/subscription software), TapTapSend (cross-border remittances, Series C), Tidalwave (applied AI services), and Wisdom. The portfolio reflects a consistent focus on applied AI layered onto enterprise workflows and go-to-market infrastructure, with two later-stage legacy positions (Provi, TapTapSend) alongside a cluster of 2024-2026 vintage Series A applied-AI investments.
Team
- Mike Gamson, Co-Founder & Managing Partner - Former CEO of Evozyne (AI biotech); spent 11 years at LinkedIn scaling global sales from roughly $10M to $5B in revenue before leading Relativity as CEO. 20+ years as an operator and investor.
- Jason Duboe, Co-Founder & Managing Partner - Career spent at Summit Partners focused on infrastructure and software venture investments; served as Chief Growth Officer at project44, growing the company from roughly $1M to $130M in ARR, and invested institutionally for seven years.
- Brian Frank, Partner - Ran Revenue Operations at LinkedIn, leading a global team of 1,300 across go-to-market functions as revenue grew from $75M to over $6B; later COO at Cameo and founder of Farm-Hand.AI.
- Jessie Abrams, Principal - Began her investing career at Valor Equity Partners, an operationally-focused growth equity firm.
- Wenz Xing, Principal - Previously an associate at Emergence Capital investing in Series A/B enterprise software companies.
- Ivaldo Basso, Chief Operating Officer - Thirty years in alternative investments; former CFO of GCM Grosvenor, a firm with roughly $70B in AUM.
Decision Process
The firm operates as a concentrated partnership rather than a large investment committee, with each partner-level team member making only 1-2 investments per year. This implies high-conviction, partner-led decision-making rather than a broad committee process.
Founder Preferences
PCV looks for technical founders with exceptional market fit who have "lived through the problem" they are solving and bring deep technical depth to it. The firm targets teams that have moved past founder-led sales and are ready to build scaled, repeatable go-to-market operations, offering hands-on involvement in hiring, GTM execution, and preparing the business for its next stage of growth.
Geographic Focus
Not explicitly published on the firm's website. The firm is headquartered in Chicago, IL, and its known portfolio companies are concentrated in major US tech hubs, but PCV does not publicly state a formal geographic mandate.