Theoretically you could try to shift it so that fund N was based on the exits from fund N-2. That way you don't have to the cohort in N-1 to exit so fast. The

Theoretically you could try to shift it so that fund N was based on the exits from fund N-2. That way you don't have to the cohort in N-1 to exit so fast. The only difficulty would be the first couple funds where you'd have to push group 1 to exit so you could raise fund 2, then try to raise fund 3 on the exits of fund 1 plus the growth (but not exits) of fund 2.