I might be confused, but I thought it was a fund composed of a percentage of all YC companies, not just the current batch. So past batches would be liquid and a

I might be confused, but I thought it was a fund composed of a percentage of all YC companies, not just the current batch. So past batches would be liquid and able to return value to support current batches. This is, of course, largely how firms trading with their own money work, but not historically how VC firms operate.