Mamoon Hamid

The LPs do, as do you as a GP. You can hold on to your Google stock forever as John Doerr has done over the last 25 years. And that's a great choice you have. What has been your best performing investment on a pure multiples basis? It's probably Slack, I would say, even at the 250 post with all the dilution over time and take the 27 billion or some other number. That's a great multiple.

Figma, the initial investment was done at about 100 post. Rippling was also in the 250 post when we did it. There's one investment I remember doing early days of USVP where we did it at, I think, 10 post. It was a $3 million check for like 30% of the company. That company, about a year and a half ago, the founder, CEO, Steve Flagg, they sold it to Siemens for $700 million.

Figma, the initial investment was done at about 100 post. Rippling was also in the 250 post when we did it. There's one investment I remember doing early days of USVP where we did it at, I think, 10 post. It was a $3 million check for like 30% of the company. That company, about a year and a half ago, the founder, CEO, Steve Flagg, they sold it to Siemens for $700 million.

Figma, the initial investment was done at about 100 post. Rippling was also in the 250 post when we did it. There's one investment I remember doing early days of USVP where we did it at, I think, 10 post. It was a $3 million check for like 30% of the company. That company, about a year and a half ago, the founder, CEO, Steve Flagg, they sold it to Siemens for $700 million.

And that ended up being 70X. Crazy multiple, right? Some ridiculous multiple. But you know, when you hold on to something for 15 years, guess what the IRR on that investment was? If you still owned, let's say, 25% of that company at 700 million, so like 100 and something, 170 million, 3 million becomes 170 million or something like that, or that's a great multiple.

And that ended up being 70X. Crazy multiple, right? Some ridiculous multiple. But you know, when you hold on to something for 15 years, guess what the IRR on that investment was? If you still owned, let's say, 25% of that company at 700 million, so like 100 and something, 170 million, 3 million becomes 170 million or something like that, or that's a great multiple.

And that ended up being 70X. Crazy multiple, right? Some ridiculous multiple. But you know, when you hold on to something for 15 years, guess what the IRR on that investment was? If you still owned, let's say, 25% of that company at 700 million, so like 100 and something, 170 million, 3 million becomes 170 million or something like that, or that's a great multiple.

But the IR over 15 years looked more like, I think it was like 15%. We're in the multiple business still at the end of the day. But IRRs do take a hit when you hold on to something for 15 years.

But the IR over 15 years looked more like, I think it was like 15%. We're in the multiple business still at the end of the day. But IRRs do take a hit when you hold on to something for 15 years.

But the IR over 15 years looked more like, I think it was like 15%. We're in the multiple business still at the end of the day. But IRRs do take a hit when you hold on to something for 15 years.

They're in slow, man. Yeah, slow. A lot of the big companies are just gun-shy. I hear this all the time. Just like not ready. Too much going on in the regulatory space. Why would you bother if you're them? Exactly. You're like, why create headaches?

They're in slow, man. Yeah, slow. A lot of the big companies are just gun-shy. I hear this all the time. Just like not ready. Too much going on in the regulatory space. Why would you bother if you're them? Exactly. You're like, why create headaches?

They're in slow, man. Yeah, slow. A lot of the big companies are just gun-shy. I hear this all the time. Just like not ready. Too much going on in the regulatory space. Why would you bother if you're them? Exactly. You're like, why create headaches?

We already have multiple legal things that we're pursuing, and we don't need yet another thing we're questioned about or used as an example in this other thing. So yeah, why bother? The question is, are there a next tier of companies that will buy? And we thought, obviously, with Adobe Figma, Adobe is that next tier. And even that, the story has been told.

We already have multiple legal things that we're pursuing, and we don't need yet another thing we're questioned about or used as an example in this other thing. So yeah, why bother? The question is, are there a next tier of companies that will buy? And we thought, obviously, with Adobe Figma, Adobe is that next tier. And even that, the story has been told.

We already have multiple legal things that we're pursuing, and we don't need yet another thing we're questioned about or used as an example in this other thing. So yeah, why bother? The question is, are there a next tier of companies that will buy? And we thought, obviously, with Adobe Figma, Adobe is that next tier. And even that, the story has been told.

Yeah, you're right. Yeah, there are big private companies looking to buy small private companies. That's happening. And I think small, that was never part of the playbook. What would change the M&A market today? You know, it's easy to say like, you know, regulatory environment, like the people running these organizations.

Yeah, you're right. Yeah, there are big private companies looking to buy small private companies. That's happening. And I think small, that was never part of the playbook. What would change the M&A market today? You know, it's easy to say like, you know, regulatory environment, like the people running these organizations.

Yeah, you're right. Yeah, there are big private companies looking to buy small private companies. That's happening. And I think small, that was never part of the playbook. What would change the M&A market today? You know, it's easy to say like, you know, regulatory environment, like the people running these organizations.

I don't think so. I don't think a lot of the blame on Lina Khan, poor Lina Khan. In our own experience, that was not the issue for Adobe Figma. It wasn't Lina or the FTC. There were other issues here in the UK. There was a CMA that was really involved there.