> I would expect the IRR is quite good as the follow up funds tend to be oversubscribed and are full of original LPs. If the IRRs for the follow-on funds are c

> I would expect the IRR is quite good as the follow up funds tend to be oversubscribed and are full of original LPs. If the IRRs for the follow-on funds are counting portfolio companies that haven't exited (according to their latest valuation), then it might be quite deceptive. If those companies can't IPO or be acquired without a significant drop in the valuation, then the paper IRR won't hold up.