That is interesting. I did always wonder at what point the VCs transfer the returns of post-IPO shares to their LPs, because it seems like the timing on this c

That is interesting. I did always wonder at what point the VCs transfer the returns of post-IPO shares to their LPs, because it seems like the timing on this can make a huge difference to the VCs return. Especially if the majority of your funds return is going to be concentrated in a few companies stock. Seems like it could make a big difference on what the carry is going to be which might make some weird incentives for the VCs. I was basing my comment on something a Sequoia partner said that they'd never sold a share of their Google stock, but that might have been their own personal investment (or frankly I have no idea how it works -- do LPs always get cash as returns or do they get shares of the post-IPO stock?).