Jeff Horing

the entrepreneurial DNA that went into it, or it was past that point where that was critical.

The more we started looking at those types of deals, it's been a fantastic sector for us.

We've made a ton of money, especially in the venture buyouts, but the unlevered 30, 40% growers are tweeners.

They're not growing fast enough for a minority investor to get super excited, except at a very big discount.

And they're not

Big enough TAMs for strategics to go jumping up and down saying, I need to own this asset.

So what happens to it?

And my suspicion is there are tens of thousands of those now.

They're good companies.

They should belong somewhere.

There's a lot more folks like us now willing to take those bets.

So it's not quite the same market it was a decade ago.

I said this to my LPs.

Stage is not a strategy to me.

You could argue seed investing is a very different thing.

skill set generally.

It's not like we're incompetent to look at something quite that early.

We're not nearly as good as a lot of the guys out there and we don't have quite the same deal flow.

And buyouts requires a certain transactional skill set, pretty straightforward to hire for.

It's not like it hasn't been done before, not only in software, but in tons of other industries, there's plenty of skills to do it.