David Frankel

They are dialed back. They've dialed back a little. But I think they'll always go, look, we have to have 1% or 2% or 3% in VC. Oh, way more. Or more. So I'm going minimum. Absolutely. Totally. If you look at the Swanson model, VCP, it was more like 30%.

Yeah. Well, so you've seen high net worth family offices pull back even more. I think the vintage just matters a lot. And some of the large LPs will be scared of sitting out vintages. It's kind of like the Excel Fund 7 era. So I sat out and I missed Facebook. So I think sometimes if you think you're as an LP in a great fund, But you got to keep up your track record. You got to be a great fund.

Yeah. Well, so you've seen high net worth family offices pull back even more. I think the vintage just matters a lot. And some of the large LPs will be scared of sitting out vintages. It's kind of like the Excel Fund 7 era. So I sat out and I missed Facebook. So I think sometimes if you think you're as an LP in a great fund, But you got to keep up your track record. You got to be a great fund.

Yeah. Well, so you've seen high net worth family offices pull back even more. I think the vintage just matters a lot. And some of the large LPs will be scared of sitting out vintages. It's kind of like the Excel Fund 7 era. So I sat out and I missed Facebook. So I think sometimes if you think you're as an LP in a great fund, But you got to keep up your track record. You got to be a great fund.

Do you mind LPs bowing out in those cases? We're so small that in some cases we welcome LPs bowing out. So in our last fund, in fund five, we had one fantastic family office. We love and adore them. Say if it's less than 10 million, we're out. And we went, it's less, your allocation's less than 10 million. They're out. Our fund's small. We don't mind.

Do you mind LPs bowing out in those cases? We're so small that in some cases we welcome LPs bowing out. So in our last fund, in fund five, we had one fantastic family office. We love and adore them. Say if it's less than 10 million, we're out. And we went, it's less, your allocation's less than 10 million. They're out. Our fund's small. We don't mind.

Do you mind LPs bowing out in those cases? We're so small that in some cases we welcome LPs bowing out. So in our last fund, in fund five, we had one fantastic family office. We love and adore them. Say if it's less than 10 million, we're out. And we went, it's less, your allocation's less than 10 million. They're out. Our fund's small. We don't mind.

Harry, we spend a very, very small amount of time on fundraising. If you ask me, I spend truly 95% of my time on finding good companies and supporting good companies. I think I spend 3% of my time on fundraising. But it doesn't mean I don't care about our LPs. I'll talk to our LPs any day of the week, and I love spending time with them, but I'm not out there fundraising.

Harry, we spend a very, very small amount of time on fundraising. If you ask me, I spend truly 95% of my time on finding good companies and supporting good companies. I think I spend 3% of my time on fundraising. But it doesn't mean I don't care about our LPs. I'll talk to our LPs any day of the week, and I love spending time with them, but I'm not out there fundraising.

Harry, we spend a very, very small amount of time on fundraising. If you ask me, I spend truly 95% of my time on finding good companies and supporting good companies. I think I spend 3% of my time on fundraising. But it doesn't mean I don't care about our LPs. I'll talk to our LPs any day of the week, and I love spending time with them, but I'm not out there fundraising.

I'd say the first thing is secondary is so elusive. Like if I think of the secondary we've had over a career, I can count it maybe on two hands. So secondary tends to be in your, and by the way, do you mean companies or do you mean funds?

I'd say the first thing is secondary is so elusive. Like if I think of the secondary we've had over a career, I can count it maybe on two hands. So secondary tends to be in your, and by the way, do you mean companies or do you mean funds?

I'd say the first thing is secondary is so elusive. Like if I think of the secondary we've had over a career, I can count it maybe on two hands. So secondary tends to be in your, and by the way, do you mean companies or do you mean funds?

Yeah. So, you know, it's elusive like in your high flyers. So in your really well-known companies, there's a real secondary market. Try to get secondary in your smaller private company. It's almost impossible. So I found secondary to be very, very difficult. Where we've done secondary, they've been pre-IPO, really high flyers, the secondary markets all over them, and then you fall off a cliff.

Yeah. So, you know, it's elusive like in your high flyers. So in your really well-known companies, there's a real secondary market. Try to get secondary in your smaller private company. It's almost impossible. So I found secondary to be very, very difficult. Where we've done secondary, they've been pre-IPO, really high flyers, the secondary markets all over them, and then you fall off a cliff.

Yeah. So, you know, it's elusive like in your high flyers. So in your really well-known companies, there's a real secondary market. Try to get secondary in your smaller private company. It's almost impossible. So I found secondary to be very, very difficult. Where we've done secondary, they've been pre-IPO, really high flyers, the secondary markets all over them, and then you fall off a cliff.

It's funny. You think about product market fit as in the early stage only. But if you don't maintain product market fit and you don't maintain growth, it just becomes... Well, most of them never had it. Yeah. Well, the ones who didn't have product market fit, they're being abandoned. At some point, their boards start to abandon them or they just get incredibly frustrated. Yeah.

It's funny. You think about product market fit as in the early stage only. But if you don't maintain product market fit and you don't maintain growth, it just becomes... Well, most of them never had it. Yeah. Well, the ones who didn't have product market fit, they're being abandoned. At some point, their boards start to abandon them or they just get incredibly frustrated. Yeah.

It's funny. You think about product market fit as in the early stage only. But if you don't maintain product market fit and you don't maintain growth, it just becomes... Well, most of them never had it. Yeah. Well, the ones who didn't have product market fit, they're being abandoned. At some point, their boards start to abandon them or they just get incredibly frustrated. Yeah.

Some of them, frankly, you know, it's at every single stage, late stage. Some of these companies have IPO'd even, right? And then, you know, you really kind of, you really know what that looks like because the market walks away from you. In some respects, being private then is a luxury, particularly if you've got a lot of money. But if you're burning it fast, it's just a matter of time, Ari.