A dragon is a company that returns an entire fund — a “fund maker.” VCs can have dragons in their portfolios just as LPs can have dragons in their portfolios. But if you do the math (and we did) you will find that dragons are four times as rare as a unicorn.

And while dragons are much more valuable than unicorns, they are increasingly hard to find as the size of your venture fund grows. Simple math.

Unicorns are for show. Dragons are for dough.

You cannot “buy your way” into a dragon late in its life because at that point the remaining upside is unlikely to return your entire fund. You have to find dragons when they are young, but you can buy into a unicorn at any time.

#pleb #artstr #grownostr #digitalarts

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