Some YC companies have had big exits like Twitch. Also, there is a secondary market for private stock. It's possible for YC to sell some of their position in t

Some YC companies have had big exits like Twitch. Also, there is a secondary market for private stock. It's possible for YC to sell some of their position in the big successes that haven't yet IPO'ed. In the early days, YC raised money from VCs to fund their seed investments. That ended because YC doesn't need the money anymore. This continuity fund might be different in that regard.