Bill Maris

And let's say on average these days you can own 10% of a company.

And let's say on average these days you can own 10% of a company.

You need $5 billion of exits to get your money back.

You need $5 billion of exits to get your money back.

Let's just remind ourselves that the 75th percentile of venture loses money, and there is persistence of performance of the top quartile.

Let's just remind ourselves that the 75th percentile of venture loses money, and there is persistence of performance of the top quartile.

So if you need $5 billion to get your money back, and if you want to be in this business for the long term, let's say you set your...

So if you need $5 billion to get your money back, and if you want to be in this business for the long term, let's say you set your...

your goal at 3x, you need to return $15 billion of exit value in your companies.

your goal at 3x, you need to return $15 billion of exit value in your companies.

Now, if you have a $7 billion fund, and we do the same math through, you know, you've got to return 210 billion, 7 billion to 70 times 3x is 210 billion, which...

Now, if you have a $7 billion fund, and we do the same math through, you know, you've got to return 210 billion, 7 billion to 70 times 3x is 210 billion, which...

exceeds the total venture-backed M&A and IPO exit value in most years.

exceeds the total venture-backed M&A and IPO exit value in most years.

This year may be an exception, but that is something I'm looking forward to talking about when we sit down.

This year may be an exception, but that is something I'm looking forward to talking about when we sit down.

For those of you, we've crunched the numbers.

For those of you, we've crunched the numbers.

We've done all the math.

We've done all the math.