A $500m fund with a $1B IPO owning 15% = only 0.3x of fund. Your job is 3x. A $50m fund with a $1B IPO owning 5% = 1x of fund. Great, still, your job is 4x. A $10m fund with a $1B IPO owning 1% = 1x of fund. Great, still your job is … Continue reading Why VCs Need Unicorns Just to Survive