Great point. And for early stage investors, I'd say that exit is def a trailing indicator in terms of where to invest. That said, they still care about valuat

Great point. And for early stage investors, I'd say that exit is def a trailing indicator in terms of where to invest. That said, they still care about valuations, multiples, etc on exits as that helps them value their existing portfolio. But there is of course a spectrum of investors so for some investors, exit activity can be a signal. This will be moreso for growth equity or mid-market PE variety of investors. I should have been clearer about that so apologies for any confusion. Thx.