Jeff Horing

And then everything else is just a spreadsheet sits in between.

And you're just trying to as accurately as possible, put that spreadsheet together, risk adjust it, and then put a price against it and say, what's it going to be worth?

There's a very big range of strategy that sits in that middle.

And that was a view that we had.

Why constrain ourselves?

Up until 2017, late stage pre-IPO growth was a really cool market.

Multiples were expanding.

Companies were growing really fast, typically longer and faster than you expected.

You could actually make four or five times your money on those pre-IPO rounds, even more if you did the consumer internet stuff.

And then it started getting really competitive.

Hedge funds came in, sovereign wealths came in.

And as I mentioned earlier, some of those rounds are now getting modeled at two to three X. A lot of things have to go right.

So we said, well, we see it all.

We can model them all.

Why can't we just put risk against that model and try and find the markets that are the most attractive?

The market recently corrected in 21.

there wasn't a lot of things that you wanted to touch in growth.

A lot of the companies that raised a ton of monies that didn't need it, but the ones that needed it, you didn't necessarily want to invest in.

But then this whole middle got neglected again.

We were like, oh, let's go lean back in on the middle where you've got these 30% growers that look really nice.