Track record is based on IRR mostly. See my other comment on the Lps below regarding the incentive structure and what they care about. This particular bet is almost a guaranteed markup, as Ilya will surely/likely raise another round. It’s also not a terrible bet to invest in a proven expert/founder. By the time these companies exit (if they ever) 15 years from now, the mega fund VC partner will probably be retired from all the cumulative fees and just playing golf and taking occasional board meetings. Cash on cash returns are very different to playing the IRR game. Of course they want to find real winners as well, but reality is there aren’t that many and they have so much money to allocate they will have to bet on marginal things that can at least show some paper gains.