Pace Capital is a $400M New York-based venture fund founded by two Thrive Capital veterans that leads only a very small number of Series A rounds per year, allowing partners to go extremely deep on a handful of companies rather than managing a broad portfolio. The fund operates on Chris Paik's End of Software thesis that LLMs will drive software creation costs to near-zero and shift value to new intent-routing platforms, leading them to make concentrated bets on companies like Browser Company that could capture this transition.