While the market for Seed Funds grew enormously in the past 7 years, many LPs still express some concerns about capacity and market crowding What is your fund’s outlook on the seed market? Seed delivers the highest potential returns and we’ll There are too many seed funds and we’re worried they continue to invest heavily won’t have enough capacity 11% 23% We fund seed VCs but we’re very 66% discerning on which ones we’ll fund 28 Source: Upfront Survey Jan 2016, 70 LPs.