The deployment/pacing for @CompoundVC funds have been some of the slowest in all of venture over the past decade (~5 years each). We closed fund II in early 2021, sat on it until September 2021 when we called our first capital (20% of fund), and then barely invested from then until March 2023 (we'll be investing this fund deep into 2026 before turning on our next fund). This pacing definitely has raised lots of questions from LPs along the way (“Do you have good deal flow?” “Are you able to compete” etc). These are reasonable things to ask and definitely at times led to marginal self doubt and reflection, but our view has and will always be to go down on our ship doing what makes sense and is unique to us. People like to talk about needing to play the game on the field but I've found that it is far more peaceful and maybe dominant to just play your game as it comes to you. Guess we’ll know in another decade who’s right. *this does not include crypto investments, of which almost all were made Q2'22 onward