Re: Nicole update

Nicole and her team wanted to be part of the GP and take some of =he management fee, etc. Structure was too complicated and I don't=think it makes sense right now so just responded to her last night. I =aid I'm happy to share and work together and maybe do something =n the future the relationship works out.

I'll let you know how it turns out.

Yeah. Just offer to share deal flow, not economics on my fund, =hich is what they asked for. Will keep you updated. I think it could =ust be her team trying to get economics for themselves - my sense was =hat she just wanted deals and a relationship and maybe she will just =nvest after my response last night.

I will ping you after she responds. In the mean time, Charlie =onghurst though I could raise as much money as I wanted if I went to =ndowments or family offices that aren't connected to tech =nvestors but knew my brand. He thought my problem is that I've =ostly been talking to people who already have their own access to my =etworks and deals. I guess my opportunity cost just the time it takes =o talk to them. Maybe I can go that route with a bigger fund next time =nd just close this fund and stop wasting time raising money.

I did not know . Do not share

her team is not great. and they push her to be more " =ommercial" you and I can speak anytime your are free. but recall =y first comment to you, she is not a partner

I think you should close it asap. start doing deals open another = family offices would invest but i believe only if you were to do it =ULL time. . they like simple .1 joi is a fund person. fulll stop. , =difficutl that joi is head of media. . has some other funds. etc. If =ou want family offices I suggest you have a US partner. that you know =ell. that can continue the fund raising, it is also easier for them =o sing your well deserved praises.

Yup. I think that's right. I've raise enough money to =et started. I'm doing my final close Sep 30. I think I'll=be at 40- 50M so I should be fine. It sounds like Nicole will investment =omething even without the structure.

good when are you back.?

I was back just for a day and I'm leaving today for Japan. I =99m back from Japan on Saturday and have next week off as a "home=vacation". I should have most mornings free next week if =ou're around for a call.

• Joi