Jeff Horing

We feel like one, those get to be much bigger checks that could start at 10% and grow to 20%.

If we get back to an environment where we could be the lead investor in the next round,

And then a lot of the venture buyouts, M&A is a huge part of the strategy.

So if you look at levers for winning in a venture buyout, you get 30% baked in growth, maybe some operational improvements, and then inorganic growth rates that can consolidate and give you tail outcomes.

I think the buyouts were willing to take five points lower than everything else.

Everything else is blended pretty close to the same.

30% is kind of a gross number that we target.

We probably miss a little bit more on the

early stuff, then the venture buyout market rate's just super high.

It's a lower risk profile, so it's a market that's been a little bit better and very few competitors.

And it plays perfectly to our sourcing engine, because how do you find these companies that are selling Salmon software to the Salmon industry?

That's not an easy source.

That's people jumping on planes and calling up companies in Norway.

It's not mainstream.

They're not showing up at conferences.

They're not showing up on venture capital lists of

hot companies to back or things of that nature.

Oh, I mean, Wiz we backed when it had zero revenue.

We loved everything we saw, including the team.

Monday was an interesting company, but not the most obvious funded company.