And then she acknowledges that:
*particularly* right now (but also always), the competitive landscape for LP $ is fierce.
The bottom line is that in 2021 more than 832 billion dollar companies were minted (unicorns, exited unicorns, and exits over $1 billion). The value creation from seed stage through Series A, B, C, D through to exit is staggering. And the earlier one invests in a winning company the higher the multiples returned. Tiger and its lookalikes are investing earlier for a reason. It produces returns.
So, the public market correction is definitely real. And the multiple of revenue public investors will pay for a stock is shrinking. This will have an impact on later-stage valuations. But for seed investors and those in early-stage venture, it is all systems go.
Ths is all driven by the scale of the market and the almost free distribution channels to reach people. More than 4 billion people are on smart phones worldwide and accessible through the web and on dev ices through two app stores. Web3 (much more below) is driving that scale even further and faster and making more facets of life available to developers.
Sadly regular folk cannot invest in early-stage venture. So the value growth experienced is not available directly to anybody who is not already wealthy. They cannot even invest via ETFs or indexes as these too are not allowed to hold and make available private company assets.
As venture capital flourishes this will need to change.
More in the video.