Direct interlock
Deputization view
Core AI sector
Wider, converging sector
From venture seats to concentrated antitrust exposure: direct interlocks and the contested deputization theory across converging AI boards
Venture firm
appoints partners
to boards it controls
1 · partners installed as directors
on boards it controls and influences
P1
P2
P3
partner
seats
hot AI sector
portfolio + competitor boards
converging
Portfolio A
Portfolio B
Competitor D
Competitor E
Portfolio C
Competitor F
3 · direct interlock
3 · direct interlock
4 · 'deputization' — different partners,
firm alleged to direct — contested (LLC)
5 · more boards, converging sector = wider surface
Concentrated exposure
practice, now network-wide