📶 "so ... when do we get our money back?"

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Good morning 👋

10 years used to enough time to deploy a fund, harvest returns, and distribute capital back to LPs.

But that was then, and this is now.

And nowadays, companies are staying private longer, and it’s forcing funds to rethink the 10-year fund lifecycle.

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Today’s highlights

• The death of the 10-year fund cycle

• Lessons from Doug Leone

• Big names are piling into Databricks

• Prompts to make better content