Michael Greely Market Quotations

I think we're quite mindful of the advent of the billion-dollar funds that we saw come into the market over the early part of 2000 to 2003, and there is still somewhat of a 'hangover effect,' which is forcing a lot of dollars into the later stage market. Consequently, we think there is a capital gap in the early stage venture market.

There has been a consistency and predictability in the numbers that gives you great confidence that these markets are not in turmoil as we saw the last number of years.