Kate Simpson

To our GPs.

Like one, your relationships and your portfolio and your performance kind of can speak for itself.

But those are very long feedback loops.

Like we've talked about before that how venture is a very patient asset class.

It takes a long time to know whether your decision to back a manager, your conviction in a manager is actually a great decision, right?

Yes.

Yes.

Yes.

There are obviously other signs and signals along the way, along the path of a company to try to determine if an investor is a good picker.

Yeah, I think an early signal could be one, graduation rates, right?

There's good information and data in the market about sort of average graduation rates.

So you can track your underlying portfolio's progress in terms of graduation rates from C to A, from A to B. So that's one signal.

I think the more important signal for us is who are the follow-on investors?

What are the best seed managers that Series A investors are tracking and investing in their portfolios?

Right.

But the quality of the follow on investors by firm, but also by partner, I think is a great signal.

If if a follow on round is led by, you know, a firm that nobody has heard of and that maybe doesn't bring any strategic value to the table, you know, that that.

That maybe makes us question the progress of that VC and the importance of that company in a portfolio.

So I think there are signals related to follow-on capital that you can monitor and assess along the way.

But look, over the last couple of years, DPI has been this kind of elusive metric for LPs.