They usually invest at a very early stage.

I'm not going to go into this early stage.

I learned at an early stage that life is not permanent.

And pretty soon, we had early stage embryos with hundreds of cells forming those.

So the only way to raise money at this early stage is by issuing equity.

Hedge Fund 1.

Pete's mutual fund.

Then you could have another pension fund, Pension Fund 2.

Stage

You will mount stage by stage.

Stage manager. Ah, yes. Stage manager.

So 1st stage, 2nd stage, and all the way to 9th stage.

you shall surely ride stage after stage.

you will progress from stage to stage.

He's good at fund raising.

Singapore's Central Fund provides pensions.

They'll fund anything these days.

And a closed end fund

So that's me, pension fund.

I am a pension fund.

In the previous example, I had Pension Fund 1, that was my pension fund.

Calligra Stage

Stage 1

Stage 2

Stage 3

Stage 4

Stage 1

Stage IlB.

you shall proceed onwards from stage to stage.

you will surely fare from stage to stage.

That you will climb from stage to stage.

Ye shall surely travel from stage to stage.

that you shall surely ride from stage to stage.

It is moving from Stage Three to Stage Four.

And in this way, complexity builds stage by stage.

IMF stands for International Monetary Fund.

So now the fund has 500.

It could be a hedge fund.

And this is Pension Fund B.

Early detection and early intervention.

Audience Early detection, early response.

Smallpox early detection, early response.

And to give you an idea of the last fund that Kleiner raised was a 400 million fund, so this for us is a very substantial fund.

That's stage two.

Stage lights? Yes.