I'm curious about the valuation aspect. How can you 'exit at $50M' with your 20% if there is no IPO? And public or not, who is going to buy those shares if the

I'm curious about the valuation aspect. How can you 'exit at $50M' with your 20% if there is no IPO? And public or not, who is going to buy those shares if their prospect is now down to a 2.7x return: invest $10M for a $27M return ($27m revenue in 5 years, x5 revenue multiple, 20% ownership), and an even less likely exit? The whole VC pipeline is based on growth.