Investing in a Private Equity Fund

The way that private companies are valued is take the amount that investors are sort of going to need to satisfy their ownership percentage. And then you can back into what a market cap is for that company by doing the math. It's amazing that, like there are, there's a gradual mix from one to the other in valuing your company in a completely different way. But i would argue it's probably not performance. It's probably raising their next fund.