Peter Lacaillade

And that can be bad for the company, probably bad for the seed stage firms that don't have enough money to play.

So not everyone's aligned.

They're playing different games.

This is happening in real time.

I think it makes sense in a lot of circumstances.

It'll probably be problematic in others.

So how people navigate it's going to be interesting.

I think there's the opportunity for a seed fund.

Probably though, you can probably sell into some of these rounds.

If you're a big fund that's a lead, it's bad signaling.

But if you're like a small person that we back and say, oh, you know, they say, okay, my LPs are pushing us for liquidity.

You know, maybe you can sell into the big series B that's oversubscribed and it's a dynamic thing.

My high level feeling is we still really believe in venture.

It's so important to be with the best people and it's changing real time.

Bringing private equity to the masses is something that I think is great.

I more like it because it feels to me like it's an avenue where we can exit things to.

It's a lower cost of capital avenue.

For the private markets, we've seen this, the evolution of continuation vehicles and the secondary market, all that.

I think it's really positive because they're creating liquidity options.

in an illiquid asset class.