Ramtin Naimi

And I knew the firms that I was co-investing alongside can get 15% ownership in these deals very consistently.

And back then, these firms are much smaller than they are today.

So let's assume the typical multi-stage fund that I was co-investing alongside

in 2016 was $1.5 billion and my fund was $100 million.

If I can get 5% and they were getting 15, sure, I had one third their ownership, but out of a fund that was one 15th the size.

So I actually had 5X the exposure.

And this is actually frustrating explaining to people because people ask me if I had an index approach.

It's the opposite of that.

I'm the most concentrated exposure you can get to these companies.

There's only four institutions that truly grasp that.

And by the time we fully deployed fund one, it became pretty obvious that in 94% of the companies we'd invested in, there was not a venture fund you could have invested in anywhere in the world that would have gotten you more look through ownership in that company and you would have gotten through abstract.

And then our next fund was highly institutional.

Now we're very institutional today and everything oversubscribed quickly in time.

How many companies were in that first fund?

Probably at 55.

What we did early on in that fund was purely co-investment model.

I met founders and I now knew all the top guys at all the multi-stage venture capital firms.

So the companies that I thought were the best I would introduce to the relevant partner at one of the top funds.

And I'd say, I think these guys are impressive.

I like what they're working on.