Round sizes at the seed and late stage Are significantly up with the late stage Experiencing an increase in valuation if Exit valuations continue to be depressed Due to the IPO Market being closed and Regulatory issues around large m&a what Does that mean for Venture so we had This era the last 10 years zero Interestate environment where you had Forward multiples go from about 5x to About 15x during that period and Venture Was amazing it grew from an $8 billion Asset class to about a $300 billion Asset class and now we've gotten to a Place where rates are at five five and a Half% Larry summer said today that he Thinks the FED will actually increase Rates that sort of depresses exit Valuations now the question is okay well The exit valuations are depressed but The entry prices are going up basically At the rate of inflation 3 4% will Returns be squeezed when we make an Investment on average it takes about Seven eight years for it to be sold if It it will be an m&a and it'll take About 12 years to go public so the Current valuation environment not Necessarily representative of where it Is
