Companies won't pay 15m for HR acquisitions. Try 3-5. But yes, statistically, even 15m exits don't affect our returns much. (Your hypothetical case is also of

Companies won't pay 15m for HR acquisitions. Try 3-5. But yes, statistically, even 15m exits don't affect our returns much. (Your hypothetical case is also off, because you forget dilution and operating expenses. A 15m acquisition would fund less than a third of a batch.)