Lucas Swisher

Venture and growth in many ways, right?

We've almost developed completely independently and separately.

Obviously, there are firms that do both.

There are firms that do both very well.

If I was a venture fund staring down the barrel of a $3 billion venture fund, I think that's a tough putt.

That's a tough battle to be a part of.

What do you mean by that if you're in one?

I mean, if you are a venture fund that is staring down the barrel of having to deploy $3 billion, I think that is hard because again, at the early stage, it is hard to capture disproportionate ownership in the few companies that actually generate all of that liquidity.

If you're a small venture fund,

I think it's super possible in today's world.

You don't actually have to be in, you don't have to catch the seed of SpaceX.

You'd really like to because those are the only, the platform companies generate liquidity.

But at the end of the day, like you can get by with not capturing all of the great outcomes.

If you have a $3 billion venture fund, the math is really hard.

You have to capture a lot of those.

The growth funds are a little bit different math.

But I think, just go back to your question about, can a $5 billion growth fund scale and work?

The answer is yes.

The reason why is the market's changed in two different ways.

Change number one, these companies are staying private longer.