David Frankel

LPs are pissed off at the moment. LPs are looking at this asset class right now, I think, and going, where is the DPI? And they did unbelievably well. And some of them are scared to sit it out. And it depends what kind of LP you are. If you're an endowment or you're like a parastatal or something, you've got to be in this asset class. And your allocation can still be tiny.

LPs are pissed off at the moment. LPs are looking at this asset class right now, I think, and going, where is the DPI? And they did unbelievably well. And some of them are scared to sit it out. And it depends what kind of LP you are. If you're an endowment or you're like a parastatal or something, you've got to be in this asset class. And your allocation can still be tiny.

But I think LPs are looking at this right now and going, where is the DPI?

But I think LPs are looking at this right now and going, where is the DPI?

But I think LPs are looking at this right now and going, where is the DPI?

I think vintage matters so much. I look at our 2020 fund and I go, that's actually gonna be okay. 2018 fund, I go, I'm much more worried about that. We need DPI there. I agree with you. By the way, I think what we've seen is like the more polarization than I've ever seen in my career before.

I think vintage matters so much. I look at our 2020 fund and I go, that's actually gonna be okay. 2018 fund, I go, I'm much more worried about that. We need DPI there. I agree with you. By the way, I think what we've seen is like the more polarization than I've ever seen in my career before.

I think vintage matters so much. I look at our 2020 fund and I go, that's actually gonna be okay. 2018 fund, I go, I'm much more worried about that. We need DPI there. I agree with you. By the way, I think what we've seen is like the more polarization than I've ever seen in my career before.

We've seen this completely binary outcome thing where companies are losing it and companies are doing very well. And to return these seed funds, you can't just have these huge, it's great for PR, it's great for your story to say like I was in XYZ great company, but actually fund returners, you need four or five good companies. If we sell four companies at $250 million each, we can return a fund.

We've seen this completely binary outcome thing where companies are losing it and companies are doing very well. And to return these seed funds, you can't just have these huge, it's great for PR, it's great for your story to say like I was in XYZ great company, but actually fund returners, you need four or five good companies. If we sell four companies at $250 million each, we can return a fund.

We've seen this completely binary outcome thing where companies are losing it and companies are doing very well. And to return these seed funds, you can't just have these huge, it's great for PR, it's great for your story to say like I was in XYZ great company, but actually fund returners, you need four or five good companies. If we sell four companies at $250 million each, we can return a fund.

If we sell 10 companies at 100 million each, Like nobody cares about that we can return a fund. And if you don't have that, you're in trouble again.

If we sell 10 companies at 100 million each, Like nobody cares about that we can return a fund. And if you don't have that, you're in trouble again.

If we sell 10 companies at 100 million each, Like nobody cares about that we can return a fund. And if you don't have that, you're in trouble again.

Look, Harry, I will be infinitely grateful to have been in Uber. My gratitude to Eric knows no boundaries. Can I ask, how many times did Uber return the fund? I mean, Uber is just in itself. Yeah, it's just it's just that's incredible. Tradesk was a bigger outcome for us. Coupang returned the fund and multiple times.

Look, Harry, I will be infinitely grateful to have been in Uber. My gratitude to Eric knows no boundaries. Can I ask, how many times did Uber return the fund? I mean, Uber is just in itself. Yeah, it's just it's just that's incredible. Tradesk was a bigger outcome for us. Coupang returned the fund and multiple times.

Look, Harry, I will be infinitely grateful to have been in Uber. My gratitude to Eric knows no boundaries. Can I ask, how many times did Uber return the fund? I mean, Uber is just in itself. Yeah, it's just it's just that's incredible. Tradesk was a bigger outcome for us. Coupang returned the fund and multiple times.

If I look at and then we've got in SeatGeek and Airtable potential fund, you know, fund returners again in fund one. But but Harry, here's the thing is PillPack returned fund two. I am so grateful to Elliot and TJ. PillPack returned fund two. Yeah.

If I look at and then we've got in SeatGeek and Airtable potential fund, you know, fund returners again in fund one. But but Harry, here's the thing is PillPack returned fund two. I am so grateful to Elliot and TJ. PillPack returned fund two. Yeah.

If I look at and then we've got in SeatGeek and Airtable potential fund, you know, fund returners again in fund one. But but Harry, here's the thing is PillPack returned fund two. I am so grateful to Elliot and TJ. PillPack returned fund two. Yeah.