Has Passthrough targeted any specific LP investor profile in the short term, such as venture capital, private equity firms, or real estate?

Right now, only about 60% of our clients are in venture. The rest are in private equity, hedge, real estate, whatever. 

The one fun thing about this product is it's not a venture product. It's a private markets product. We work with micro VCs all the way up to multibillion-dollar private equity, growth, and multi-asset strategy shops. It's a fit all over the place.

It tends to do better when there are more investors, and it tends to do better when there are people who understand just how obnoxious this process is. The one nice thing is that you don't need to convince anybody that subscription documents are terrible.