How does Semper's model address a lack of available information to buyers in the market?

Yes. The biggest question is obviously around pricing. If the secondary happens three months after Sequoia invests at the same price, nobody has problems paying that price.

If it’s a year later and you have no clue how the company performed, then of course, it's much more problematic. Those companies probably won't raise every six, nine, or 12 months for the next 10 years. The pricing will have to be done by people that have some vision and view into the business, and companies understand that if they want more frequency, they'll have to share something.