A thing you’re going to start seeing more frequently: software companies entirely funded by software people, without needing to tap traditional large pools of money (VC funds backed by pensions/universities/family offices) basically ever.
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That’s the response I’ve heard historically, but like, what’s the first principles reason that LP’s have chosen 10? Wouldn’t you expect, e.g., that as capital gets cheaper some firms would benefit by competing for further out returns? Obviously companies do this competitively.
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10 just seems like such an arbitrary number, so if it is indeed optimal, I’d also expect to see evolution of that time horizon over time, converging in 10. I don’t know enough to know whether this has happened.
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