> It suggests operators who prefer to be fund manager It could be suggestive of that, but I'm not sure it is in this case. Looking at the press around the CDF

> It suggests operators who prefer to be fund manager It could be suggestive of that, but I'm not sure it is in this case. Looking at the press around the CDF, they made a couple of co-investments (can't find anything where they led a round or were the first through the door), and it wasn't "in-house" as much as Airware branded: they had LPs and I think it's likely Airwave's involvement was simply being the technical due diligence on a deal and then somebody else doing the paperwork, legals, etc. It seems like it was a beauty parade for talent, ideas, and future acquisitions. There's a whole other argument around whether or not that's a sensible idea, but I think it's a big leap to suggest that a market leader in a nascent market setting up an investment vehicle specifically for that market is indicative that they 'prefer' to be investing not operating.