[chrisseaton]

> Benchmark's stake in Uber is worth $9.1b -- many, many times the size of their fund.

I don't get it - their stake in Uber is part of their fund isn't it? So how can it be worth more than the whole fund?

[tedmiston]

For example, if their fund is $1B and they put $250M in Uber, then Uber's valuation goes 10x, so their portion is now worth $2.5B, more than the fund started with. (Numbers made up for example.)

[jon_richards]

I'm guessing funds are usually measured by invested capital, rather than how much they are currently worth.