Freeberg

And the hygiene of it is clearly what we see SACs in that documentation, giving people choices. You can make your own choice. We're not taking carry. We're not selling our shares, and we're only selling 10%. So they did go to extreme measures, I guess, to outline that. But your thoughts on this type of sale?

And the hygiene of it is clearly what we see SACs in that documentation, giving people choices. You can make your own choice. We're not taking carry. We're not selling our shares, and we're only selling 10%. So they did go to extreme measures, I guess, to outline that. But your thoughts on this type of sale?

It happens in private equity all the time, I understand, but we don't see it in venture all that often. What are your thoughts on this, providing liquidity to the 14-year-old funds?

It happens in private equity all the time, I understand, but we don't see it in venture all that often. What are your thoughts on this, providing liquidity to the 14-year-old funds?

And the valuation, just to, sorry, I didn't clarify, this valuation is based on the last 409A.

And the valuation, just to, sorry, I didn't clarify, this valuation is based on the last 409A.

That's what it's trading at in secondary markets, and that's what the 409A is. So I guess that would be the hygiene there. But it's certainly unique and I guess great for those LPs. That's a word for it. Well, I mean, we had a similar thing happen with Uber, where they did the secondary and, you know, they had Masayoshi-san come in and do an IPO, essentially. That's entirely different.

That's what it's trading at in secondary markets, and that's what the 409A is. So I guess that would be the hygiene there. But it's certainly unique and I guess great for those LPs. That's a word for it. Well, I mean, we had a similar thing happen with Uber, where they did the secondary and, you know, they had Masayoshi-san come in and do an IPO, essentially. That's entirely different.

Yeah, you had new money coming in, to your point. Yeah. Here is the second story related to DPI and VCs getting to cash out. Google is in advanced stocks to acquire Wiz for $23 billion, according to the Wall Street Journal. It's an Israeli-American cybersecurity startup that was founded only in 2020.

Yeah, you had new money coming in, to your point. Yeah. Here is the second story related to DPI and VCs getting to cash out. Google is in advanced stocks to acquire Wiz for $23 billion, according to the Wall Street Journal. It's an Israeli-American cybersecurity startup that was founded only in 2020.

Backed by Sequoia Index, Insight, Andreessen, and others, one of the fastest growing startups ever, reaching $500 million in ARR in 4.5 years. Google would be paying 46x forward revenue. They think they'll have a billion in ARR sometime next year. And what are our thoughts on this in terms of M&A?

Backed by Sequoia Index, Insight, Andreessen, and others, one of the fastest growing startups ever, reaching $500 million in ARR in 4.5 years. Google would be paying 46x forward revenue. They think they'll have a billion in ARR sometime next year. And what are our thoughts on this in terms of M&A?

I have to say these two things have really helped the climate in the LP community. This past week, a lot of chatter about IPOs that are getting filed and that we could be ending the drought and people were feeling very, very pessimistic about venture as a category. And I think these two things have changed a lot of people's feelings on that. So Good work there.

I have to say these two things have really helped the climate in the LP community. This past week, a lot of chatter about IPOs that are getting filed and that we could be ending the drought and people were feeling very, very pessimistic about venture as a category. And I think these two things have changed a lot of people's feelings on that. So Good work there.

And I think it also signals maybe some regime change expectations, Sax. Yeah, Lena Kahn maybe getting booted when this regime change occurs next year, and then maybe more M&A would occur. What's Trump's and J.D. Vance's position in your mind on M&A and Lena Kahn, Sax, if you had to interpret it?

And I think it also signals maybe some regime change expectations, Sax. Yeah, Lena Kahn maybe getting booted when this regime change occurs next year, and then maybe more M&A would occur. What's Trump's and J.D. Vance's position in your mind on M&A and Lena Kahn, Sax, if you had to interpret it?

But I think there's going to be a problem with Republicans. So sex is the freedom of speech issue and Republicans being banned on the social platforms, including it up to Trump. I mean, if that issue wasn't there, I think you would probably see maybe a different approach. Yeah.

But I think there's going to be a problem with Republicans. So sex is the freedom of speech issue and Republicans being banned on the social platforms, including it up to Trump. I mean, if that issue wasn't there, I think you would probably see maybe a different approach. Yeah.

That seems to be his main issue. I think we'll see under Trump a lot more mid-market M&A if I were to, you know, let's call it under $100 billion. $100 billion acquisition would be fine with me, under $100 billion.

That seems to be his main issue. I think we'll see under Trump a lot more mid-market M&A if I were to, you know, let's call it under $100 billion. $100 billion acquisition would be fine with me, under $100 billion.