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I'm Jason Buck and this is Real Visionaries.

Separate hedge funds, separate venture.

You saw a lot of the big funds in the space do this, right?

Like maybe they started as a hedge fund and then they broke out of venture strategy.

And now, not surprisingly, they've grown horizontally.

You see liquid strategies, you see venture strategies.

Like without mentioning names, everyone's got it.

We were happy to see that.

We were advocates of it.

We would put out interview pieces.

We said, listen, this hybrid middle ground is not going to scale.

As soon as institutions arrive, you look at a pension, you look at an endowment.

They have someone who covers hedge funds.

If someone who covers private equity and venture, you don't have a lot of this.

You got to get out of that.

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