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Is the SoftBank Vision Fund the Anchor Investor?
Companies used to IPO after three or four years after being founded, especially looking at Amazon. Now there are a decade or more. They've taken private funding for a long time. But there is a time limit to the amount of time that private investors are willing to wait before getting liquidity. Uber in fact signed an agreement with Goldman four years ago that they needed to go public within four years. Otherwise if they hadn't gone public, then the convertible bond that they took carries is a coupon that will increase over time. And I think that's that clock started in January.