Vanguard

“Norm AI, a legal services startup, raised $120m in Series C funding at a $1.2b post-money valuation. Khosla Ventures led, joined by Blackstone, Craft Ventures, Bain Capital Ventures, Coatue, Vanguard, New York Life, and TIAA”

“When institutions of this scale back a legal AI startup at a $1.2B valuation, it signals the category has crossed into 'safe enough for conservative allocators' — which historically precedes a wave of follow-on investment and customer adoption in regulated industries”

“Vanguard and BlackRock have between the two of them have $25 trillion in assets because they've dominated low cost indexing.”