Unicorn births slowed in Q1’22 compared to Q4’21, coinciding with a 19% decline in funding QoQ. However, the number of new unicorns in Q1’22 was still more than triple 2020’s quarterly average. We see an opportunity here. Most start-ups should be able to weather a changing economic cycle given the mountain of cash available in private markets — record amount of dry powder. There are nearly 600 pre-IPO companies — a large market for investors to discover. With current discount