Will investors require more sophisticated portfolio strategies and programmatic trading to adapt to a world of programmatic liquidity?

I don't think it's going to be sophisticated in the sense that the public markets are.  If by sophisticated, you mean that they might have to do some math in an Excel spreadsheet to figure out, hey, between this round and the next round, we think that every quarter, the price will increase by 25%, and we should sell off 15% now, 20% now, then yes. Now either remember too that a lot of these investors are doing that for their public positions too. Not all of them sell immediately when a company goes public. They have different price targets that look to, that once they hit these price targets, it might map to how the fund's performing overall. Or maybe they just have one winner in that fund. And they might actually make the price gets higher so they can raise their next big fund. So I don't think there'll be super sophisticated, crazy public markets type of stuff, but it will be just basic portfolio theory.