Yasmin Razavi holds an unusual position: She is the only outside investor on Anthropic’s board of directors. The general partner at Spark Capital invested in Anthropic relatively late by traditional venture capital standards, leading the company’s Series C financing in May 2023, its third round and two years after siblings Dario and Daniela Amodei left OpenAI to found it amid concerns over AI safety.  Razavi is part of a new generation of investors transforming venture capital. As companies stay private longer, the venture-capital world is experiencing a historic reordering—and a new way of investing.  The recent initial public offering of…

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