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:

“The public and private market valuation changes this year have motivated many LPs to take stock of where returns have come from, future return potential and a clearer picture of their own liquidity profile. As funds come back to market in 2023, I think we’ll see greater LP churn as they evaluate long-term partners they want to be invested with for the following decades, which could look meaningfully different than their current or past portfolio.” —Beezer Clarkson, partner, Sapphire Ventures

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]