Alex Ambroz

And so you'll see marks.

So Kleiner Perkins has a valuation.

A16Z has a valuation.

Everyone has a valuation.

And so hopefully these guys are all in line with each other.

There's sometimes differences.

Fidelity, for example, sometimes will have a very stark difference between how they're marking it on their books relative to how Silicon Valley may be marking the exact same company.

But most of the companies are keeping their heads above water because ultimately they want to maintain what is their most important asset in the industry, especially with allocators.

And that's their reputation.

That's what the numbers showed.

That sounds right.

And that feels right too, because the newer firms have to establish themselves and are just trying to raise fund two or fund three.

And so by their nature, it might be a little bit more aggressive.

But the larger, more established firms, they don't need your money.

There's a line out the door waiting to invest.

So they can be much more conservative in their marks.

Partly it's because if the LPs pressure them to market down to maybe what the LPs think it should appropriately be in one part, well, that would mean acknowledging that the LP's performance is also going to drop.

And they have to explain that to their investment committee, to their trustees, to some politically exposed persons.

If there are political appointees to a pension, that can be a difficult conversation.

And in some cases in the past,