There have been no IPOs. The largest acquisition was Cruise, then Heroku, then OMGPop, then Parse. The fall-off of acq prices is pretty steep, but given that t

There have been no IPOs. The largest acquisition was Cruise, then Heroku, then OMGPop, then Parse. The fall-off of acq prices is pretty steep, but given that they put up hardly any money ($17k early on, now $120k) the returns are insane. When you look at annualized returns, they actually demolish avg. VC returns just from the number of companies that flip in 1-2 years for $10MM (or more). Their biggest hurdle is scale (in terms of putting a lot of money to work).