[mattbarrie]

Thanks for the clarification on the numbers, I guess only time will tell on the distribution of exits and what the actual returns back to you would be on them look like (20x @ $80m ignores liq pref and dilution). How many are in your team now looking after all the portfolio companies?

[davemc500hats]

indeed there will be some further dilution, but typically there is not dramatic liquidation preference on winners, at least that we have seen thus far. if you like, you can double the exit targets I mentioned, but regardless we are looking for ~10-20 companies that exit north of $50-100M, and 25-50 that exit at between $10-50M.

overall 500 is currently about 22 people. of those, we have ~10-12 investment professionals, each of which is making 10-25 investments per year. if we are lucky, 1 or 2 of those might be larger wins, and 3-5 might be smaller wins.

since we generally do not sit on boards, most of our team is not spending the majority of their time in future years managing a large # of investments, altho they do spend time in the first year or so helping some of them get financing from downstream institutional investors.

hope this helps explain our strategy.

[mattbarrie]

Great overview, thanks.