Investing in a Series a Fund

In some ways, it's kind of like a kick starter, like a pre order. You have to assume that if you raise fund one, two to three years later, you're going to need to start up the engine of raising fund two. Most venture firms have this concept of an el pack, a limited partner advisory committee. They don't have the same level of governmence that a board over a company would have but they meet quarterly.