Completely agree. But I'm guessing today's late stage VC and PE still think of IPO as the ultimate 'exit'. If the investors sign up to provide enough liquidity

Completely agree. But I'm guessing today's late stage VC and PE still think of IPO as the ultimate 'exit'. If the investors sign up to provide enough liquidity or even providing partial exits to founders/employees, they'll have provided the company enough leeway to turn profitable.