This is coupled with a very visible recalibration of valuations of the pre-IPO mutual fund cohort at places like Fidelity Fidelity’s holdings: % valuation change since purchase Blue Bottle -61% MongoDB Series F -54% Taboola.com Series E -47% Turn Inc. -45% Zenefits Series C -44% Dataminr Series D -35% Dropbox Series C -29% Snapchat Series F -15% 0% 25% 50% 75% 100% 0% -25% -50% -75% -100% 14 Source: Fortune; Blue Bottle, Dropbox, Snapchat and Benefits data as 11/30/2015, rest as of 9/30/2015; Upfront analysis.