Einar Volsett

Usually there are restrictions in place that mean that your investors that came in at those valuations will be able to block any sale that you have.

So if you go into a venture track like that,

you're effectively saying like, I'm fine with the fact that I can't sell for less than some high number.

And so for us, that's fine.

We have been very careful about sort of structuring our investments in such a way that if that's what you want to do, that's great.

Like we'll just, we'll come along for the ride and you're in venture, be traditional venture route now.

That's fine.

The thing is, I have nothing against a traditional venture.

I'm just saying that effectively what we're arguing is,

There is something in addition to that, like you don't have to be either gung-ho for an IPO or not at all, you know, no kind of fundraising whatsoever.

Like you shouldn't even start the company.

That's effectively what we're arguing.

We haven't yet, mostly because they've then moved on to usually raising using a convertible note or a safe.

So our right doesn't actually kick in until they have a price round.

But...

No, I would expect that the companies that do well, that go on to do multiple rounds of financing, yeah, we would have to give up our dividend rights and some of that stuff.

But we certainly intend to protect our pro rata rights in subsequent funding rounds.

And actually, a bunch of our LPs are coming in because they think there'll be some follow-on opportunity that they won't be part of.

And we effectively facilitate that for the investors.

Side car usually.