[ascales]

I'd even say that $5mil is on the low end of what would come up during a liquidation event. However, now there are probably more shares that have been bought and sold a few times, so there might be some more smaller investors willing to cash out.

[JumpCrisscross]

Large investors are comprised of smaller LPs. And early investors include early employees. That said, yes, most sellers are in the $15+ million size.