Hussein Kanji

In the second fund, that's now shifted to a little bit over 50% of our capital is in the top third of the fund. And in the third fund, it's getting closer to about 60%, 65% of the top 50%. Like the money is going into the best companies. And so when that happens, you're obviously putting money to work at like slightly depressed prices, right?

In the second fund, that's now shifted to a little bit over 50% of our capital is in the top third of the fund. And in the third fund, it's getting closer to about 60%, 65% of the top 50%. Like the money is going into the best companies. And so when that happens, you're obviously putting money to work at like slightly depressed prices, right?

In the second fund, that's now shifted to a little bit over 50% of our capital is in the top third of the fund. And in the third fund, it's getting closer to about 60%, 65% of the top 50%. Like the money is going into the best companies. And so when that happens, you're obviously putting money to work at like slightly depressed prices, right?

You're not sending them out to get ridiculous markups because you don't want ridiculous markups on those companies. I mean, if the founder wants it, then we're along for the ride. But if you can find a way to not get the ridiculous markup and put more money to work, you're buying more ownership. And if you're right, three, five years later, that will make a material difference in DPI.

You're not sending them out to get ridiculous markups because you don't want ridiculous markups on those companies. I mean, if the founder wants it, then we're along for the ride. But if you can find a way to not get the ridiculous markup and put more money to work, you're buying more ownership. And if you're right, three, five years later, that will make a material difference in DPI.

You're not sending them out to get ridiculous markups because you don't want ridiculous markups on those companies. I mean, if the founder wants it, then we're along for the ride. But if you can find a way to not get the ridiculous markup and put more money to work, you're buying more ownership. And if you're right, three, five years later, that will make a material difference in DPI.

No, not necessarily. So I think Darktrace was not a hot company for a good chunk of its existence. In fact, I know that they talked to a bunch of the good and the great, and people were skeptical about them. And as a result, they were buying opportunities for us. The biggest regret we had in our fund one was that the Series C, we brought KKR into the cap table of Darktrace.

No, not necessarily. So I think Darktrace was not a hot company for a good chunk of its existence. In fact, I know that they talked to a bunch of the good and the great, and people were skeptical about them. And as a result, they were buying opportunities for us. The biggest regret we had in our fund one was that the Series C, we brought KKR into the cap table of Darktrace.

No, not necessarily. So I think Darktrace was not a hot company for a good chunk of its existence. In fact, I know that they talked to a bunch of the good and the great, and people were skeptical about them. And as a result, they were buying opportunities for us. The biggest regret we had in our fund one was that the Series C, we brought KKR into the cap table of Darktrace.

We introduced KKR and kind of brokered the introduction. There was a little bit of a miscommunication at one point, and we kind of put some social capital in to kind of smooth things over. It was a $40 million round at 400 million post on a company that was doing about $4 million a month in revenue and scaling. I would argue a pretty fair price.

We introduced KKR and kind of brokered the introduction. There was a little bit of a miscommunication at one point, and we kind of put some social capital in to kind of smooth things over. It was a $40 million round at 400 million post on a company that was doing about $4 million a month in revenue and scaling. I would argue a pretty fair price.

We introduced KKR and kind of brokered the introduction. There was a little bit of a miscommunication at one point, and we kind of put some social capital in to kind of smooth things over. It was a $40 million round at 400 million post on a company that was doing about $4 million a month in revenue and scaling. I would argue a pretty fair price.

And the company said, we will give you 10 of that 40. Go raise it as an SPV from your investors. We think you will not get rich enough off of Dark Trace. And you guys are doing so much work behind the scenes helping us that we want you to have more skin in the game. And this is a weird scenario to, by the way, have, right, as a small fund. And so we went around.

And the company said, we will give you 10 of that 40. Go raise it as an SPV from your investors. We think you will not get rich enough off of Dark Trace. And you guys are doing so much work behind the scenes helping us that we want you to have more skin in the game. And this is a weird scenario to, by the way, have, right, as a small fund. And so we went around.

And the company said, we will give you 10 of that 40. Go raise it as an SPV from your investors. We think you will not get rich enough off of Dark Trace. And you guys are doing so much work behind the scenes helping us that we want you to have more skin in the game. And this is a weird scenario to, by the way, have, right, as a small fund. And so we went around.

And I remember going with super returns, February, cold, early. And I'm like going around to all these family offices. And we couldn't obviously say KKR is leading this, right? Because the term she was there, there's a confidential. It's like a major investor that you would know, household name, is seriously looking at this. We raised zero. It was 400 million posts.

And I remember going with super returns, February, cold, early. And I'm like going around to all these family offices. And we couldn't obviously say KKR is leading this, right? Because the term she was there, there's a confidential. It's like a major investor that you would know, household name, is seriously looking at this. We raised zero. It was 400 million posts.

And I remember going with super returns, February, cold, early. And I'm like going around to all these family offices. And we couldn't obviously say KKR is leading this, right? Because the term she was there, there's a confidential. It's like a major investor that you would know, household name, is seriously looking at this. We raised zero. It was 400 million posts.

It got privatized at 5.3 billion. So this is all dollars. So 400 to 5.3. It would have been a net 10x net of fees. We left money on the table and it's painful. It is really painful. We have another, I think our best company right now in our second fund, it's an AI drug discovery company. We wrote the first million dollar check. Nobody believed.

It got privatized at 5.3 billion. So this is all dollars. So 400 to 5.3. It would have been a net 10x net of fees. We left money on the table and it's painful. It is really painful. We have another, I think our best company right now in our second fund, it's an AI drug discovery company. We wrote the first million dollar check. Nobody believed.