Hussein Kanji

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.

This is a time where people did not understand tech bio. It was before the term tech bio was coined. Brand new market creation, right? We were convinced. We put the chief scientist, Merck, on the phone with the company, and we were pretty convinced that these guys were onto something. And worst case, the six person team would get acquired for the technology chops they kind of had.

This is a time where people did not understand tech bio. It was before the term tech bio was coined. Brand new market creation, right? We were convinced. We put the chief scientist, Merck, on the phone with the company, and we were pretty convinced that these guys were onto something. And worst case, the six person team would get acquired for the technology chops they kind of had.

This is a time where people did not understand tech bio. It was before the term tech bio was coined. Brand new market creation, right? We were convinced. We put the chief scientist, Merck, on the phone with the company, and we were pretty convinced that these guys were onto something. And worst case, the six person team would get acquired for the technology chops they kind of had.

It would be an acquirer. So there wasn't that much downside in our case. And then all the data started lining up the right way after us. The check after us, less than a year later, was $40 million. from Bessemer and F Prime, we used to own 18% of this company. It's in an $89 million fund. To do pro rata, that's like a $7 to $8 million check. It's a big check to write out of that 89.

It would be an acquirer. So there wasn't that much downside in our case. And then all the data started lining up the right way after us. The check after us, less than a year later, was $40 million. from Bessemer and F Prime, we used to own 18% of this company. It's in an $89 million fund. To do pro rata, that's like a $7 to $8 million check. It's a big check to write out of that 89.

It would be an acquirer. So there wasn't that much downside in our case. And then all the data started lining up the right way after us. The check after us, less than a year later, was $40 million. from Bessemer and F Prime, we used to own 18% of this company. It's in an $89 million fund. To do pro rata, that's like a $7 to $8 million check. It's a big check to write out of that 89.

You can't really go to LPs at the Series A and be like, I think this is the next big thing because it's like super early, right? And all it's done is raise another round on the basis of some data. And so we ended up coming down in our ownership. We own about 13%, 14% of the business as opposed to 18%.

You can't really go to LPs at the Series A and be like, I think this is the next big thing because it's like super early, right? And all it's done is raise another round on the basis of some data. And so we ended up coming down in our ownership. We own about 13%, 14% of the business as opposed to 18%.

You can't really go to LPs at the Series A and be like, I think this is the next big thing because it's like super early, right? And all it's done is raise another round on the basis of some data. And so we ended up coming down in our ownership. We own about 13%, 14% of the business as opposed to 18%.

If that company goes where I think it's going to go, like I think in this company could be like the iconic company of tomorrow, like that 5% is going to be really big. Have you done many SPVs? We have nowadays. So in the run up to the Darktrace IPO, we did a bunch of SPVs with our investors. We put more money to work in Darktrace than the fund size of fund one.

If that company goes where I think it's going to go, like I think in this company could be like the iconic company of tomorrow, like that 5% is going to be really big. Have you done many SPVs? We have nowadays. So in the run up to the Darktrace IPO, we did a bunch of SPVs with our investors. We put more money to work in Darktrace than the fund size of fund one.

If that company goes where I think it's going to go, like I think in this company could be like the iconic company of tomorrow, like that 5% is going to be really big. Have you done many SPVs? We have nowadays. So in the run up to the Darktrace IPO, we did a bunch of SPVs with our investors. We put more money to work in Darktrace than the fund size of fund one.

And we think the lowest performing IRR for us was net 66%. This is all realized, by the way, net 66%. And the best performing was net 154%.

And we think the lowest performing IRR for us was net 66%. This is all realized, by the way, net 66%. And the best performing was net 154%.

And we think the lowest performing IRR for us was net 66%. This is all realized, by the way, net 66%. And the best performing was net 154%.

I think we did like 40, 35 or 40, something like that. Whoa. What was your blended entry on those? Like you mean what was the price points we came in? I think generally we made somewhere between one and a half to three X net for our investors and a year to two. Hence why I looked at the IRR numbers. The IRR numbers are a lot more indicative because it was like they were very short holds.

I think we did like 40, 35 or 40, something like that. Whoa. What was your blended entry on those? Like you mean what was the price points we came in? I think generally we made somewhere between one and a half to three X net for our investors and a year to two. Hence why I looked at the IRR numbers. The IRR numbers are a lot more indicative because it was like they were very short holds.

I think we did like 40, 35 or 40, something like that. Whoa. What was your blended entry on those? Like you mean what was the price points we came in? I think generally we made somewhere between one and a half to three X net for our investors and a year to two. Hence why I looked at the IRR numbers. The IRR numbers are a lot more indicative because it was like they were very short holds.

Like I said, I've been bullish, right? I mean, I've been very bullish on Darktrace ever since I wrote the very first check because I saw the numbers. And I think this is the delta, right? When you see inside information, like you're close to the company, you know how it's doing and you see the buying opportunities and you see that they're fair prices. These weren't like not overly inflated prices.