Venture works.... But, the default version doesn't. More people are thinking about this now that T-bills are >4%.
3x net DPI Fund over 10 years = 11.6% IRR*
(* changes w/ cap calls & distribution timeline)
Top quartile '17 vintage funds: 0.6x DPI... & ~16% net IRR.
September deal flow digest... what I'm watching instead:
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