Patrick O'Shaughnessy

You hear your name a lot.

But I'd love you to explain, in the same way you explain sort of the art world market structure,

Could you explain your perspective on the early stage investing market structure, how it works and how it got to there?

You must have had to have been quite aggressive.

And I'm also curious about the structure of the agreement to sell a stake of your management company that had the sunset provision in it.

And I'm asking about both of these because there's always this cold start problem with people that want to do what you've done or want to run their own investing firm or get going.

You solve that with these two ways.

Did you file bankruptcy or something?

So the money came from AngelList platform.

You didn't know the people that provided the money.

And what are the economics split between you and the platform in those deals?

So you get zero and 15 on all those deals.

So then you sold 20% to this consortium of the guys you mentioned earlier.

How did you do that?

How did you know how to price it?

How did you talk through the terms?

The nature of it was basically they invest because it's sunsets.

They just got some top of waterfall participation in the first seven years of your economics or something like that.

It effectively lasts long.

They raise the fund in year six.