Regan Bozman, General Partner at Lattice Capital, discusses institutional crypto fund performance and moderating LP return expectations during market cycles.
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“I tend to think if your framework for return expectations is based on funds in that last cycle, I think a lot of LPs are going to be disappointed. And I think there's a few things that drive that one is. Everything has been repriced five, 10, 20 X upwards since that cycle. There were DeFi seed rounds that got done at like five million dollar network valuations in 2019. Today, that would be 50 and maybe higher. So just definitionally, right? Like returns are going to be say five to 20 X lower than they would be for last cycle.”
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