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Founders Come First, Limit Partners Come Third
The vast majority of the magnitude of gains of returns happen post post IPO. We learned that a public investment vehicle would help us many ways, including how to look at these companies retrospectively. A major takeaway is a lot of firms took the specialization route where they say we're purely Series A and they stay smaller. But what Sequoia said was, "We're just going to grow with the company the entire life cycle"