TVPI

“The reality is most funds have pretty mediocre performance between one and two TVPI. So most investors are not doing that great.”

“With regards to track record, in the past, TVPI or paper markups, they were enough. Now, there is a much greater focus on DPI, which is returned capital to investors.”

“Showing DPI is going to become more and more important. Mostly because LPs will struggle to evaluate what true TVPI is”

“You could argue in some scenarios, if you're buying off of current TVPI, it's already overinflated, and in order to actually get to that TVPI at the end of the day, it might not make sense from a duration standpoint to even consider that.”

“I would bet the last few years will be one of the biggest disconnects between TVPI and DPI for venture funds in venture history.”

“The only other time that would be equivalent would be about 99 and 2000, and I don't know if there is the volume of funds in the market then, so, and absolute numbers, he's probably right.”

“The chasm between TVPI and DPI will be the biggest in venture history.”

“So that's why it is TVPI is corrupting for this because you wouldn't, If you didn't value companies like this, no one would do endless extensions on unicorn rounds to prop up valuation. That's bad. That's bad.”

“I'm willing to bet if you got some kind of machine learning algorithm and looked at all the funds that for three or four years in had a TVPI of two X and all the funds that four years in had a TVPI of .8 X and then correlated that to the ultimate outcomes, I b…”

“I mean, my belief is that TVPI and MOIC are not the stats that people should be focused on, and they are. I don't, I think they're fake numbers.”

“I speak to a lot of LPs now, and do you know what, honestly, we can say what we want. They've gone back to wanting TVPI. They've gone back to wanting big numbers. And yes, they want DPI, of course, they always want DPI. But they are still very impressed by TVP…”