No, I don't think that's the primary driver here. I personally believe: 1. There's a broader trend of LPs moving to invest directly in alternative asset classe

No, I don't think that's the primary driver here. I personally believe: 1. There's a broader trend of LPs moving to invest directly in alternative asset classes. There are a number of reasons for this. FOMO is one in this particular market. 2. Because the market is so hot, folks are more interested in ground-floor (seed stage) investments that are harder to get exposure to in traditional venture funds. You must also realize that optimizing these direct investments is a PITA. Newbie direct investors are going to learn a lot of harsh lessons when it comes to pro rata rights in this market, assuming they even ask for and get them.