I’ve been investing in funds that operate across the life cycle of company building, such as venture capital, debt, private equity and other more esoteric things, for about a decade. I like to think of it as profitable therapy, although it is often neither.  My favourite evaluation question for VC funds is always some version of “so how much cash have you distributed?” or in technical terms what are your Distributions to Paid In Capital (DPI)? Up until relatively recently, it was an unpopular topic (‘We’re aiming for the moon!’ etc). Now it’s a super-unpopular topic.  Sitting in the lobby…

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