Bill Gurley

They're all super active.

And then, oh yeah, Masa's back.

We hadn't heard from him in a few years, but he's back out there in the market as well.

Yeah, yeah, I agree.

So there's a lot more money out there.

The second reality that people talk about that's staggering, I think the phrase that's used most, which I don't love, is zombie unicorn.

So if you look at...

the number of companies that were, I always like to think pre-LLM and post-LLM, because it really is a dividing moment as everyone's gotten excited about this new platform shift.

There's somewhere around a thousand.

So these are a thousand private companies that have raised money over a billion dollars.

And ChatGBD told me it was 1250, NVCA says 900.

Let's just say it's near a thousand.

Yeah.

It seems like they've raised somewhere between $200 and $300 million each.

And so you roll all that up, it's $300 billion.

NVCA estimates that it's $3 trillion of assets on the books of the LPs.

I did some one-on-one calls with LPs.

They've slowly increased their participation in venture from...

anywhere from 5% to 7% up to 10% to 15%.

And then it can be as big as half of their private equity commitment.