Does Semper's buyer pool show interest in both mid-market companies and unicorns, and what is the trend behind this behavior?

You have a mix there. Overall, it'll always be easier to sell the unicorns. That being said, one of the reasons we still work with some of these smaller cap companies is because people who have been investing directly in venture for a couple years understand that if you want to make great returns, it's good to start investing a bit earlier. 

It’s also because we're not in a one-off transaction business. If you're a broker and your goal is just to maximize short-term volume, then, you probably shouldn't be wasting your time with companies that are worth $250 million now.

Given we run recurring liquidity programs for companies, however, it's actually good to start pretty early because it gives us the opportunity to help the investors build the conviction they need to progressively build up positions.

We might go with the company when it's worth $250 million and then come back a year later and see it’s worth $400 million. We may come back the second year and it's worth $600 million. So, even if they said no at $250 million, at least at one point they did the work to understand what they needed to see in that business before investing. I'd say that's one of the big edges that we have vs. all of the one-off transactions.