VC fund

“You cannot make money in venture if at least per fund you don't have a couple billion dollar outcomes. There's a few exceptions, but as a rough rule, not, let's say you do 30 investments in your venture fund. Not all 30 have to IPO, but if a couple don't, or a…”

“Often there is an investor on the cap table that's been there for a long time, and their model, it's like the tail wagging the dog here, their model is they need to see some liquidity for the next fund, so they're often very problematic reasons.”