idk if I can name names yet… I’ll ask the founder

I agree there’s not that many good equity investments yet which is, I think to your point, why there aren’t any funds that can do larger checks. It’s a bit of a chicken-and-egg thing. Maybe the market grows up and today’s seed funds have winners which let them grow AUM and write bigger checks, but it’s so extremely inefficient right now my eyes are bleeding. :P

Early stage equity investment from an illiquid captive-capital/blind-pool can’t typically allocate more than 20% to liquid assets at the manager’s discretion. So the actual hurdle would be alternative illiquid equity investments.

Maybe these LPs should just be all-in bitcoin, but if they’ve already decided to invest in a fund of illiquid technology ventures the hurdle is the alternatives from that asset class.

As an independent with your own portfolio you have more latitude so everything gets priced against bitcoin.