Ramtin Naimi

there's a risk reward profile.

You take more risk with somebody that the reward potential is higher.

If you take less risk with somebody, the reward is lower.

So looking for individuals, especially if you have a more non-pedigreed background like I had, that are going to be more interested in manager strategy fit versus what is your track record and why should I care?

And then in terms of what you need to do to make yourself appealing to LPs, there's multiple tiers of LPs.

There is the highest tier of LP that can access any fund they want.

And they're already in amazing venture capital firms.

And then there's LPs that don't get into those deals and are looking for more exposure to other types of companies.

We fortunately have an LP base that is heavily concentrated in the best firms in the world.

And then they added abstract to their roster.

And that actually ended up being very beneficial for us because those are a lot of institutions that hadn't added a manager to their platform in a while because they already had the best managers and

getting abstract added to that roster was a signal to the market that pay attention to this fund.

And I think what we had brought to the table was something that they were already bought into.

And it was that these multi-stage platform brands will continue to dominate.

And they're going to continue to get double digit ownership and the best companies in the world early.

Their funds will get bigger and bigger.

And as LPs, your exposure to those companies will be less and less, but you still will have exposure to the greatest companies.

And I think what we brought to the table was definitive proof

that we're accessing the same quality of company, granted less ownership, but granted dramatically more relative ownership.

When they look at our fund, if there's overlapping companies in our fund with any other fund they have in their portfolio, 94% of the time, they have orders of magnitude more look through ownership to that company through our fund than they would through one of the others.