Well luckily for you you’re on Fund 1 Mike! You get to skip all this. :rolling_on_the_floor_laughing:

I hope to have this problem someday!

But that’s also because we saw less write up’s and liquidity in the market.

We will be investing in one of the best vintages ever (my belief).

There were probably less first time managers than - having some numbers there would be helpful

Two points:

1) I think the reason this happened is money was free in 2021, a lot of first time managers raised, pumped money into bad deals, have bad funds now, and can’t raise again. This is unique to the 2021/2022 cohorts

2) this is good for us. Prefer less competition

Those funds started too early - they were before VC Lab was there to see them through the process from fund 1, to fund 2 and beyond! :rocket:

PitchBook data is garbage. There are no lessons to learn from this besides it may or may not be true.