> Now, for only the fourth time since data the early 90s, there have been no tech company I.P.O.s in a quarter. > Since 1993, when the firm started collecting

> Now, for only the fourth time since data the early 90s, there have been no tech company I.P.O.s in a quarter. > Since 1993, when the firm started collecting data, tech intial offerings have been absent from only three quarters: the third quarter of 2002, the first quarter of 2003 and the first quarter of 2009. Having liquidation event language in mezzanine rounds of funding isn't that new. I'm now wondering how long it will be until we see language that penalizes a company if it doesn't have a liquidation event in a certain time horizon in its series A or B rounds of funding.