How does CartaX enable LPs to invest directly in late-stage companies and how do potential conflicts with VCs get resolved?

Certainly. So the question's around some of the LPs that are traditionally investors in late stage funds, how is there gonna be a dynamic between basically them not maybe, I think what you're alluding to is, investing in the funds and just going direct. Well, I think there's a few points there. We're actually seeing a number of secondary funds that are springing up at the asset level managers. So they're actually springing up as a secondaries fund or direct fund where they co-invest alongside of their managers, or the manager says, hey, I actually have a really big position in Carta, let's say, and my $800 million fund, $700 million fund, whatever it might be, we can't put any more capital to work. So they'll actually basically allow their LPs, will give them access to it, because they trust and know those LPs.

So the overall thesis is that there's so much capital that needs to be put to work in these businesses, that a lot of these traditional funds managers aren't actually quadrupling the size of their funds because they want to stick with what they're good at. And they just want to move up the size of their fund appropriately to the point where they can still win deals.

The same reason why Benchmark Capital has never raised funds in excess, I think, of $421 million, because they know what they're good at and they stick to it. And as a result, they have some of the best returns in the industry.