The math in the article seems to be based on the assumption that the money committed for the fund is payed by the LP up-front. My understanding is that that's t

The math in the article seems to be based on the assumption that the money committed for the fund is payed by the LP up-front. My understanding is that that's typically not the case -- instead, the LPs commit to some dollar amount, but only actually write checks when the VC round makes an investment. I haven't done the numbers to see how this changes the outcomes in the article, but it seems like it probably has a pretty big impact, considering how much the article focuses on the liquidity aspects. I wonder what the contribution graph tends to look like over the lifetime of a typical fund.