Einar Volsett

So that's how you get a 40, 50% IRR.

So you can't eat IRR.

You got to eat DPI.

So we've had 22, 23 investments.

Three companies have raised money.

And yeah, those have all been markups.

And then at least one company, we have evaluation metrics along with what I described.

At least one company is at the point where I could take them with discretion and sell them for a price that we're now marking them up at.

No, no, no.

Because we started it.

I mean, like this is a 10 year fund.

Our first year was 10 year fund and we wrote our first checks 12 months ago.

Usually what happens, and this is sort of what we thought.

So keep in mind, so just because three people have raised does not mean all of them are now on the venture track.

Like there's one company, I think, who he realized that as he was going through it, that the opportunity ahead of him was bigger than he thought.

And so he was willing to go and raise money on the venture track and sort of take those trade-offs.

I mean, because the trade-off is as follows.

And I'm sure you understand this, but just so everyone's clear, the trade-off is as follows.

If you take a high valuation, $10, $12, $15 million, and you raise a bunch of money, that closes off your opportunity to exit for $10, $20, $30, $40 million.

You simply won't be able to.