Alex Rampell

But also, the exits tended to be quite small as well.

If a very, very good scenario is you have a company that goes public at a sub-billion dollar market cap, and you get five of those a year, you can't raise lots of money.

But now the opportunity is so much bigger.

The five biggest companies on earth are all technology companies.

If you rewind 20 years, I think they were all banks.

If you rewind 10 years before that, they were all oil companies.

If you rewind 10 years before that, they were all Japanese companies during the Japanese stock market bubble.

But the opportunity in technology is so much bigger, especially because these companies, you can keep investing venture capital dollars later.

I think that's one of the main, if you look at the money that we just raised,

Almost $7 billion of that is for the growth fund.

Well, exactly.

But this is the point.

It's like if companies went public after the Series B back in the 1990s and the average IPO was $50 to $100 million of capital raised, the strategy would be a little bit different.

But the world has changed dramatically.

And the opportunity size is so much bigger.

And now you have technology companies that kind of pervade everything.

It's like you're either, if you are a large company today and you don't use software at your core, you're going to get eaten by somebody who does use software at their core and then kind of reverse engineers into whatever product or service that you promote.

Well, I think the difference, though, is that imagine that you're an LP and you have a billion dollars to invest.

Would you rather invest $50 million and get a 5x on that?

Or would you rather invest all billion and get a 3x on that?