Sublime

The last 12 years were "up and to the right". It’s easy to make IRRs work really well in a 12-year bull market but VCs have to make money in good markets and bad.

The way we see it is that in venture right now you have 2 choices — super size or super focus. W e largely sat out fundings of NFTs or other areas where we didn’t feel like we were the expert or where the valuation metrics weren’t in line with our funding goals.