It's not just VCs (who will be looking for an IPO eventually); it's also growth equity, which has a more moderate payout expectation, more easily achievable wit

It's not just VCs (who will be looking for an IPO eventually); it's also growth equity, which has a more moderate payout expectation, more easily achievable with acquisition, or even straight up sale to private equity. (Yes, growth equity is a category of private equity, but it's a developing middle ground between VCs and more traditional PE which is usually focused on cost cutting and loading up on debt to juice returns from mature companies.)