Jeff Horing

its own constraints.

Because sometimes the charter of that fund, the pitch to the LPs is a little more nuanced than you find yourself in tweener bets.

And I'm sure you could talk to a bunch of early investors that have growth funds that aren't always at their best deals.

And you're like, well, how'd that happen?

Now, sometimes they find a way to do it and it's great.

But a lot of times, because the deals get bid up a little earlier than they expect, it doesn't really fit what you would consider to be a typical pitch to a growth fund.

but it's clearly not an early stage bet anymore.

Check size is too big for an early stage bet.

What do I do with it?

We don't have to think about any of those conflicts.

We certainly don't have to think about conflicts between the two funds, which can be managed, but it's not zero.

Am I bailing the company out?

Am I really supporting it?

How that all looks optically could get funny over time.

The biggest is you lose a little bit of discipline from third-party pricing.

It goes both ways.

So sometimes we preempt deals and we think we get great deals.

I'd say more often than not, that's the belief that we have is we make it easy for the founder.

The pitch to the founder is you're done.

If you want us, you got us for life.