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The Implications of Over-Use Structure to Take Extra Money
AJ: It's hard to know what type of re-pricing is happening, but it seems like there has been a massive increase in using structure during the year. What are some of the downsides of over-use structure to take this extra money? We had in our series, C at Trendkite, my first company, we had participation rights on it that was basically IRR. And I think it was 67%. So late stage, you might have participating in early stage. Basically, they're guaranteed their return.