Jeff Wang

Yeah.

It was difficult. The history of venture PE firms launching public funds has not been a good one. It was difficult to go convince LPs that we're going to go do this. We have fortunately some very supportive LPs, some of who will take the leap of faith with us because we've had such long-term relationships with them, but It was very difficult to be able to convince folks.

It was difficult. The history of venture PE firms launching public funds has not been a good one. It was difficult to go convince LPs that we're going to go do this. We have fortunately some very supportive LPs, some of who will take the leap of faith with us because we've had such long-term relationships with them, but It was very difficult to be able to convince folks.

It was difficult. The history of venture PE firms launching public funds has not been a good one. It was difficult to go convince LPs that we're going to go do this. We have fortunately some very supportive LPs, some of who will take the leap of faith with us because we've had such long-term relationships with them, but It was very difficult to be able to convince folks.

It was a lot easier once we got a track record and got things going. But the initial, you know, $50, $100 million.

It was a lot easier once we got a track record and got things going. But the initial, you know, $50, $100 million.

It was a lot easier once we got a track record and got things going. But the initial, you know, $50, $100 million.

I think it's really just to be the best tech public-private crossover firm in the world. And with our advantages, I think we can go deliver on that. We still got to go execute. The other thing that we're not selling though is we're not Citadel. Citadel, I have a ton of respect for Citadel and Ken Griffin. We're not selling a product that is not volatile.

I think it's really just to be the best tech public-private crossover firm in the world. And with our advantages, I think we can go deliver on that. We still got to go execute. The other thing that we're not selling though is we're not Citadel. Citadel, I have a ton of respect for Citadel and Ken Griffin. We're not selling a product that is not volatile.

I think it's really just to be the best tech public-private crossover firm in the world. And with our advantages, I think we can go deliver on that. We still got to go execute. The other thing that we're not selling though is we're not Citadel. Citadel, I have a ton of respect for Citadel and Ken Griffin. We're not selling a product that is not volatile.

We're selling a long-term product because I think our advantages are long-term, right? It's seeing these long-term themes that will play out over the next 10 years. And so if we measure ourselves on a short-term basis, I don't think that is productive.

We're selling a long-term product because I think our advantages are long-term, right? It's seeing these long-term themes that will play out over the next 10 years. And so if we measure ourselves on a short-term basis, I don't think that is productive.

We're selling a long-term product because I think our advantages are long-term, right? It's seeing these long-term themes that will play out over the next 10 years. And so if we measure ourselves on a short-term basis, I don't think that is productive.

One other thing that we did to set up the structure is because we have this long-term investment horizon, we have a long-term capital base, but we also have long-term incentives. And I think that's really important. So three or more year investment time horizon, three year minimum capital base, i.e. it takes LPs three years to take your money out.

One other thing that we did to set up the structure is because we have this long-term investment horizon, we have a long-term capital base, but we also have long-term incentives. And I think that's really important. So three or more year investment time horizon, three year minimum capital base, i.e. it takes LPs three years to take your money out.

One other thing that we did to set up the structure is because we have this long-term investment horizon, we have a long-term capital base, but we also have long-term incentives. And I think that's really important. So three or more year investment time horizon, three year minimum capital base, i.e. it takes LPs three years to take your money out.

That is not standard. That is not standard. And then the least standard part of what we have is we have also a three-year incentive crystallization. And so what that means is most hedge funds, as you probably know, just take carry at the end of each calendar year. We take carry once every three years. And we also vest ourselves over a three-year period.

That is not standard. That is not standard. And then the least standard part of what we have is we have also a three-year incentive crystallization. And so what that means is most hedge funds, as you probably know, just take carry at the end of each calendar year. We take carry once every three years. And we also vest ourselves over a three-year period.

That is not standard. That is not standard. And then the least standard part of what we have is we have also a three-year incentive crystallization. And so what that means is most hedge funds, as you probably know, just take carry at the end of each calendar year. We take carry once every three years. And we also vest ourselves over a three-year period.

And so we have that 3-3-3-3 type of framework here where I do think it helps us, encourages us to think long-term. If you were a fund where you had monthly redemptions and you paid your people an annual bonus, I think it would be really hard to really truly be long-term. I think you're really setting yourself up to incentivize your team to think short-term.