Jeff Horing

I could see everything.

Might have to debate how you pick, but great that you get every pitch.

You could certainly see how winning can get better with scale.

I've got more resources.

I could support every round that you need.

It could be your one-stop shop.

And then obviously on the operational side, that's the biggest impact scale could have because now I could really hire the best and the brightest.

on my team that could support your business in whatever way you need.

And then selecting was kind of a bit of a hard one for us to wrestle around.

A decade ago, most firms that scaled, scaled in a few dimensions that were understandably

scary for an investor.

One was I'll do bigger deals, smaller deals, like maybe they're priced differently.

Maybe the competitive landscape's different.

There's a lot of reasons why just writing a bigger check often won't yield better returns.

So scaling by check size was not necessarily a clear direction in my view of how to do scale.

Some might scale with geography.

We tried that.

Oh, was that painful?

We're 90% in New York City by headcount and probably 100% by investment commitments.

Certainly, IC is all in New York.