Mark Goldberg

But when we looked at what was the right number, it was about two or three investments per year. And that's how we built the fund, which is that's about the pace that each GP should have in the fund. It's about a three-year fund, and we'll have about 25 investments in each fund.

But when we looked at what was the right number, it was about two or three investments per year. And that's how we built the fund, which is that's about the pace that each GP should have in the fund. It's about a three-year fund, and we'll have about 25 investments in each fund.

So this will be a seed and series A fund. And I think when you say A, you have to be careful because when you say A, it's like, what does that mean?

So this will be a seed and series A fund. And I think when you say A, you have to be careful because when you say A, it's like, what does that mean?

So this will be a seed and series A fund. And I think when you say A, you have to be careful because when you say A, it's like, what does that mean?

It means you're going to need to raise a much larger fund. But even if you exclude the handful of billion dollar series A AI deals... I think I'm seeing deals in the market that are $30 to $40 million series A's. And I think one thing you have seen or I've observed in the industry is that A's that would have been $15 million five years ago could be $30 to $40 million today.

It means you're going to need to raise a much larger fund. But even if you exclude the handful of billion dollar series A AI deals... I think I'm seeing deals in the market that are $30 to $40 million series A's. And I think one thing you have seen or I've observed in the industry is that A's that would have been $15 million five years ago could be $30 to $40 million today.

It means you're going to need to raise a much larger fund. But even if you exclude the handful of billion dollar series A AI deals... I think I'm seeing deals in the market that are $30 to $40 million series A's. And I think one thing you have seen or I've observed in the industry is that A's that would have been $15 million five years ago could be $30 to $40 million today.

So when you talk about us doing a 30, we could do that from our fund, but it would be a very big swing. What we're looking at is, I would say, a click in front of that. Where it's not totally obvious that there's a category winner, we are going to have to roll up our sleeves before there's obvious financial traction.

So when you talk about us doing a 30, we could do that from our fund, but it would be a very big swing. What we're looking at is, I would say, a click in front of that. Where it's not totally obvious that there's a category winner, we are going to have to roll up our sleeves before there's obvious financial traction.

So when you talk about us doing a 30, we could do that from our fund, but it would be a very big swing. What we're looking at is, I would say, a click in front of that. Where it's not totally obvious that there's a category winner, we are going to have to roll up our sleeves before there's obvious financial traction.

There's more risk at that point, but we think we can do some earlier kind of series A's. So almost the concept of a series A, I would argue, is it depends what you're talking about.

There's more risk at that point, but we think we can do some earlier kind of series A's. So almost the concept of a series A, I would argue, is it depends what you're talking about.

There's more risk at that point, but we think we can do some earlier kind of series A's. So almost the concept of a series A, I would argue, is it depends what you're talking about.

I think a $10 to $15 million lead series A check is a very reasonable thing if you're willing to go a click earlier in terms of stage.

I think a $10 to $15 million lead series A check is a very reasonable thing if you're willing to go a click earlier in terms of stage.

I think a $10 to $15 million lead series A check is a very reasonable thing if you're willing to go a click earlier in terms of stage.

So we have a very light reserve model that might be worth clicking on. I think that the way that, as a new fund, we think about reserves is we believe that supporting companies from those early stages is extremely important. But that peanut buttering all of your reserves in every pro rata round that gets done is not a good thing for either the founder or the LPs in a fund.

So we have a very light reserve model that might be worth clicking on. I think that the way that, as a new fund, we think about reserves is we believe that supporting companies from those early stages is extremely important. But that peanut buttering all of your reserves in every pro rata round that gets done is not a good thing for either the founder or the LPs in a fund.

So we have a very light reserve model that might be worth clicking on. I think that the way that, as a new fund, we think about reserves is we believe that supporting companies from those early stages is extremely important. But that peanut buttering all of your reserves in every pro rata round that gets done is not a good thing for either the founder or the LPs in a fund.