[nemanja]

Wouldn't quite discount the markdown as some mere accounting formality. While I agree that markdowns, in many cases, are not indicative of fundamental company performance issues, they are clearly indicative of changing market sentiment (i.e. contraction of valuation multiples). Look, these are all clearly viewed as close to IPOs (otherwise, mutual funds would have no business investing in them), and it is only natural that they dip a bit when the overall market dips a bit (NASDAQ was recently ~20% off the highs in July last year). If you look at high quality public comps (e.g. WDAY), they are still ~20% off the highs, so it makes sense that private "unicorns" are marked down just about the same amount. Basically, these mutual fund valuations are as close as you get to how public markets would value these companies, simply because these mutual funds will be the top holders and buyers when the companies hit IPO.