On January 4th, 2023 Term Sheet, a well-known financial newsletter by Fortune (typically regarding PE/VC) posted a series of predictions regarding the calendar year 2023.

One of these predictions was the following:

“Institutional LPs will demand in-depth diligence (even at earliest stages) and prioritize financial firms vs. marketing efforts, once again raising the bar for first-time funds & subsequent re-ups. The few winners who emerge will build the Sequoias of tomorrow.” —Asher Kraut, partner, Generational Partners

I will not attempt to initially define all resolution criteria in this market and will instead attempt to handle any nuances/complications/data feasibility as it arises. If by end of 2023 I think it is not possible to confidently resolve this market in the spirit in which it was intended, I reserve the right to resolve as "n/a".

Any clarifications to the resolution criteria will be listed below, along with the applicable date:

• [TBU]