… but also 4-20x bigger funds $200M “Example Fund” size increase over Hme $100M $85M $35M $7.4M I (y. 2004) II (y. 2007) III (y. 2011) IV (y. 2013) V (y. 2016) VI (y. 2019) Source: SEC Form -D filings 6 LAUNCH 2019 Pear