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The Rise of Global Firms Focusing on Consumer Tech
We haven't heard of new funds being formed on a consumer-only thesis. But we do think that most of the large firms will continue investing in consumer tech, probably to the tune of 20% or 30% of their overall funds. And we're quite global in our approach as well, Connie. I think a lot of firms tend to be maybe Silicon Valley or North America focused or maybe Western Europe focused. We don't do China specifically, but outside of China. The venture ecosystems are quite strong in terms of appetite for breakthrough franchise leading consumer tech companies.