Kate Simpson

And that, you know, maybe that is leading us into a discussion about this bifurcation we've, we've seen in the industry.

I'm happy to talk more about that.

In our last conversation, I think we talked about this idea that there's two games on the field today.

There's the access game in venture.

There's the discovery game in venture.

I think there's been an element of that dichotomy all along, but it was really in sort of the 2018, 19, 20, 21 period when we saw fund sizes escalate, when we saw this trend

distinction in the market between sort of the haves and the haves not.

So the market in more recent years has clearly bifurcated with more established multi-stage brands at one end and a seemingly endless number of smaller, newer, early stage managers at the other.

Our view is there will continue to be firms in that first group that will have a structural and competitive advantage going forward.

Those advantages, I think, are in place because of the firm's reputations, their platforms, and really their scale.

It's not rocket science, though, to know who these firms are.

The challenge is access.

Gem is privileged to work with, and we include a number of these firms in our portfolio.

But these funds are larger.

They are multi-stage.

And they may not have the right tail skew that LPs want to see in their venture portfolios.

Maybe they will if this idea that we're having trillion-dollar private companies, if that is a new norm, maybe those larger multi-stage funds will have that potential for right tail skew.

But if LPs want smaller, early-stage funds in the portfolio, that opportunity is large, right?

They're

That part of the market is really hard to navigate given the sheer number of managers, many of them new and still emerging.