Jeff Wang

I'm not sure if continuation funds are a permanent or a cyclical feature. Right now, the IPO markets have not been open. We have not gotten a lot of liquidity. I don't know what it looks like when the IPO markets do reopen. And I mean, right now, we are still well, well below, obviously, the 2020, 2021 levels for the IPO markets. We're also well below the pre-2020, you know, 2021 levels, right?

I'm not sure if continuation funds are a permanent or a cyclical feature. Right now, the IPO markets have not been open. We have not gotten a lot of liquidity. I don't know what it looks like when the IPO markets do reopen. And I mean, right now, we are still well, well below, obviously, the 2020, 2021 levels for the IPO markets. We're also well below the pre-2020, you know, 2021 levels, right?

I'm not sure if continuation funds are a permanent or a cyclical feature. Right now, the IPO markets have not been open. We have not gotten a lot of liquidity. I don't know what it looks like when the IPO markets do reopen. And I mean, right now, we are still well, well below, obviously, the 2020, 2021 levels for the IPO markets. We're also well below the pre-2020, you know, 2021 levels, right?

I mean, I think these continuation funds exist. Some of them exist today because there's no liquidity. And so it's effectively a way to get some of these LPs liquidity at a time where the IPO markets are shut. I do expect the IPO markets to open, say, back half of this year into next year. We'll see. But, you know, we have a number of companies on file.

I mean, I think these continuation funds exist. Some of them exist today because there's no liquidity. And so it's effectively a way to get some of these LPs liquidity at a time where the IPO markets are shut. I do expect the IPO markets to open, say, back half of this year into next year. We'll see. But, you know, we have a number of companies on file.

I mean, I think these continuation funds exist. Some of them exist today because there's no liquidity. And so it's effectively a way to get some of these LPs liquidity at a time where the IPO markets are shut. I do expect the IPO markets to open, say, back half of this year into next year. We'll see. But, you know, we have a number of companies on file.

Sebastian, as you know, has been very vocal about going public. I think there will be a number of other companies that test the public markets. And one of the things that we've seen over the last couple of years is that it took a couple of years for these companies to write the ship in terms of the financial profile. Right. And now a lot of these companies, I think, are ready.

Sebastian, as you know, has been very vocal about going public. I think there will be a number of other companies that test the public markets. And one of the things that we've seen over the last couple of years is that it took a couple of years for these companies to write the ship in terms of the financial profile. Right. And now a lot of these companies, I think, are ready.

Sebastian, as you know, has been very vocal about going public. I think there will be a number of other companies that test the public markets. And one of the things that we've seen over the last couple of years is that it took a couple of years for these companies to write the ship in terms of the financial profile. Right. And now a lot of these companies, I think, are ready.

The days of rule 40, you're going out at 60, negative 20. Those are gone. You have to be a 30 and 10, 40 and zero kind of growing into a nice profitability curve in order to get public. And it took a couple years for the companies to get there.

The days of rule 40, you're going out at 60, negative 20. Those are gone. You have to be a 30 and 10, 40 and zero kind of growing into a nice profitability curve in order to get public. And it took a couple years for the companies to get there.

The days of rule 40, you're going out at 60, negative 20. Those are gone. You have to be a 30 and 10, 40 and zero kind of growing into a nice profitability curve in order to get public. And it took a couple years for the companies to get there.

It also took a couple years, I think, for a lot of these companies to get to a level of predictability of their revenue that the public markets expect, right? So if you're coming off COVID, you have all these just weird headwinds, tailwinds to your business that make it really hard to project. And so now I think We've rolled forward a couple of years. The markets are more stable.

It also took a couple years, I think, for a lot of these companies to get to a level of predictability of their revenue that the public markets expect, right? So if you're coming off COVID, you have all these just weird headwinds, tailwinds to your business that make it really hard to project. And so now I think We've rolled forward a couple of years. The markets are more stable.

It also took a couple years, I think, for a lot of these companies to get to a level of predictability of their revenue that the public markets expect, right? So if you're coming off COVID, you have all these just weird headwinds, tailwinds to your business that make it really hard to project. And so now I think We've rolled forward a couple of years. The markets are more stable.

These companies are more IPO ready. And so I do think the IPO market will open as we look into next year.

These companies are more IPO ready. And so I do think the IPO market will open as we look into next year.

These companies are more IPO ready. And so I do think the IPO market will open as we look into next year.

I think that's kind of the deal that you made with investors and employees.

I think that's kind of the deal that you made with investors and employees.