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Indeed. I often pass on my prorata simply because it would be too expensive to keep up with, and it would mean not investing in new companies. Since that's the

• vasilipupkin 12y ago
  Theoretically, you could form special purpose vehicles with the intention to exercise your rights without putting a lot of your own money in. But yeah, I am with you, on the most successful companies, valuation ends up being too high for a seed investor anyway
  • pbreit 12y ago
    Maybe pro-rata would be more palatable if it was not assignable? It makes sense to me that early investors get a shot in later rounds. Whether they should be able to maintain percentages is a different topic. Without ability to assign, I suspect many might not maintain percentage anyway.