Investing in Venture Capital - Is the VC Market Dead?

In the peak of COVID, right? That thing was trading at 60, 70 times ARR. So you basically got three to four X return on your investment for free just from multiple expansion. But what we're seeing right now is the exact opposite of that. If you invest in 100 X AR with a somewhat skilled company and you want to exit at 10 X ARR, that means you probably have to grow the business 12 times, including dilution, just to break even on your initial investment. And if you want to get that kind of three to five X, you probably have 50 to 60 X your growth.