Private companies now have access to substantial capital from larger U.S. institutions, direct investment by pension funds and endowments, and direct investment by large sovereign international funds.

“... and raise a series A or a seed, a seed of, of more than that. Um, and so it's not necessarily the quantum of capital. I think whether it's US institutions getting bigger, um, maybe folks who used to act as LPs, large pension funds and endowments, acting as direct investors in a company themselves, or kind of the emergence of big sovereign international funds investing direct in companies, there's a huge capital base available to private companies.”