David Rosenthal: belief

Transcript context

…Remember how I was painstakingly explaining that the first 1X goes back to the LPs. Then only after that do GPs participate. That's a rounding error at this point. Even if they didn't give the first 1X back, if you 50X a fund... Even by the most conservative analysis—assuming no secondary kicker, everything, just what we pretty sure actually know—that's $1.5 billion of carry dollars to be distributed amongst the equal partnership after the eBay investment. They had slices of carry. I'm sure, Val retains some carry after he left. Famously, I think Bob pushed for this. They gave pieces of carry to their assistants. You hear the stories about Benchmark assistants becoming multimillionaires. That was it. This is how.…

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