Hussein Kanji

Yeah. So like our numbers for Darktrace are way higher than our Deliveroo numbers, but we mistimed it. And then you get pressure when you don't sell at the top. And to be fair, like this is also like in 21 where everyone, you know, the market was just euphoric in general. When did you sell? We sold it about a year later because we were coming up to the end of the life of the fund.

Yeah. So like our numbers for Darktrace are way higher than our Deliveroo numbers, but we mistimed it. And then you get pressure when you don't sell at the top. And to be fair, like this is also like in 21 where everyone, you know, the market was just euphoric in general. When did you sell? We sold it about a year later because we were coming up to the end of the life of the fund.

And we sold it around four pounds a share. So we left, or maybe not even four, I think closer to like three, 350. And we distributed in specie. And so I got a bunch of stock from Dark Trace. And then I held all the way until the Tama Bravo acquisition, which is roughly around like six pounds.

And we sold it around four pounds a share. So we left, or maybe not even four, I think closer to like three, 350. And we distributed in specie. And so I got a bunch of stock from Dark Trace. And then I held all the way until the Tama Bravo acquisition, which is roughly around like six pounds.

And we sold it around four pounds a share. So we left, or maybe not even four, I think closer to like three, 350. And we distributed in specie. And so I got a bunch of stock from Dark Trace. And then I held all the way until the Tama Bravo acquisition, which is roughly around like six pounds.

Yeah, yeah, yeah. We made a lot of money on dark trays, but we should have probably programmatically sold. And so I think the formula that we now have is at the time of the IPO, as soon as you're out of lockup, a third of it you sell, a third of it you sell six months later, and then a third of it you sell another six to 12 months after that.

Yeah, yeah, yeah. We made a lot of money on dark trays, but we should have probably programmatically sold. And so I think the formula that we now have is at the time of the IPO, as soon as you're out of lockup, a third of it you sell, a third of it you sell six months later, and then a third of it you sell another six to 12 months after that.

Yeah, yeah, yeah. We made a lot of money on dark trays, but we should have probably programmatically sold. And so I think the formula that we now have is at the time of the IPO, as soon as you're out of lockup, a third of it you sell, a third of it you sell six months later, and then a third of it you sell another six to 12 months after that.

Just make it a formula because I think there's too much human error in this. And by the way, long-term, I was right, but the markets and what you think long-term, they don't always map one-to-one. Did you do a third, a third, a third on deliverer? No, no. We sold out a Deliveroo at the IPO. We thought it was like very fairly valued at the time.

Just make it a formula because I think there's too much human error in this. And by the way, long-term, I was right, but the markets and what you think long-term, they don't always map one-to-one. Did you do a third, a third, a third on deliverer? No, no. We sold out a Deliveroo at the IPO. We thought it was like very fairly valued at the time.

Just make it a formula because I think there's too much human error in this. And by the way, long-term, I was right, but the markets and what you think long-term, they don't always map one-to-one. Did you do a third, a third, a third on deliverer? No, no. We sold out a Deliveroo at the IPO. We thought it was like very fairly valued at the time.

And so there we took a view, we took human judgment, right? We were going to sell. It was supposed to go public at £3.90, went public at £3 a share. Sorry, after lockup it was £3 a share and then it came down to about £1 a share. So we look really smart for selling Deliveroo on the eve of the lockup. Were LPs grateful? Yes.

And so there we took a view, we took human judgment, right? We were going to sell. It was supposed to go public at £3.90, went public at £3 a share. Sorry, after lockup it was £3 a share and then it came down to about £1 a share. So we look really smart for selling Deliveroo on the eve of the lockup. Were LPs grateful? Yes.

And so there we took a view, we took human judgment, right? We were going to sell. It was supposed to go public at £3.90, went public at £3 a share. Sorry, after lockup it was £3 a share and then it came down to about £1 a share. So we look really smart for selling Deliveroo on the eve of the lockup. Were LPs grateful? Yes.

I mean, we have real distributions in the first fund, like it's distributed multiples back of the fund. So like DPI right now is a real topic. But a $28 million fund, even if you multiply it by multiples, doesn't turn out to be that much money for the LPs.

I mean, we have real distributions in the first fund, like it's distributed multiples back of the fund. So like DPI right now is a real topic. But a $28 million fund, even if you multiply it by multiples, doesn't turn out to be that much money for the LPs.

I mean, we have real distributions in the first fund, like it's distributed multiples back of the fund. So like DPI right now is a real topic. But a $28 million fund, even if you multiply it by multiples, doesn't turn out to be that much money for the LPs.

Yeah, so we just had our AGM yesterday, and we have told most of our investors, do not pay attention to TVPI for the time being, because what we have been doing is proactively finding ways to put more money to work inside of our best companies. We know what the best companies are. It's about a third of the portfolio.

Yeah, so we just had our AGM yesterday, and we have told most of our investors, do not pay attention to TVPI for the time being, because what we have been doing is proactively finding ways to put more money to work inside of our best companies. We know what the best companies are. It's about a third of the portfolio.

Yeah, so we just had our AGM yesterday, and we have told most of our investors, do not pay attention to TVPI for the time being, because what we have been doing is proactively finding ways to put more money to work inside of our best companies. We know what the best companies are. It's about a third of the portfolio.