This isn't as insane as people might believe. Let's look at the larger of the two funds: $1B. It's a digital growth fund. Raising that $1B doesn't mean that peo

This isn't as insane as people might believe. Let's look at the larger of the two funds: $1B. It's a digital growth fund. Raising that $1B doesn't mean that people wrote a total of $1B in cheques: that money is just "committed" to be called (ie: a capital call). A simplified fund's capital call schedule might be something like 25%/25%/25%/25%. So each year, for the first four years, they "call" a quarter of the capital, or a total of $250M. Years 5-10 are for harvesting, though they might have one or two more extension years beyond that if the portfolio isn't ready to reap. Since this is a growth fund, we can see them deploying it over something like 5-10 companies per year for the first two years, then following on in years two and three in later rounds pro-rata with some of the winners. That means that we're only looking at 5-10 companies, $25M-50M each in a series B or C in each of the first two years.