As we embark upon a new decade, it’s worth looking back over the past ten years to see how far we’ve come. Coming out of the Global Financial Crisis, fundraising and investment have exceeded prior peaks, and venture has globalized rapidly. We’re now seeing important shifts in the ecosystem, which have rippled from rising benchmarks and a renewed focus on profitability. Without question, some right-sizing is needed. Fortunately, there is no shortage of strong companies to face these challenges. A receptive public market has kept the IPO window open, and our outlook on exits remains positive barring a broader economic downturn. Given all of the above, we have reason to be optimistic.