The Different Approaches to Portfolio Construction

The way we've built that portfolio is a little bit different to the conventional wisdom. We have an active investment mandate where we take board seats for all investments and they're also concentrated 10 or so portfolio companies in each fund. And our promise to founders is we've never had a business go to zero. I think we've had one down round over literally 3,000 transactions in the last seven years. But we've had a far more normal distribution of returns. It's not because of any expertise on our behalf. It's just the resilience of the B2B software model and a lot of downside protection built into those businesses.