On the other side of this. A 10% discount to NAV on Robinhood Ventures actually means the opposite: the mkt is pricing in growth across the entire private book > It's not intuitive, but need to account for fees (2% annually over a 10 year fund life). And undiscounted w/ no growth it should trade at ~20% of NAV (2%*10) > If you were to discount Y10 NAV at 12% cost of capital would get you a ~70% discount (1-.2)/((1.12)^10) today. > Market is trading it at a 10% discount, which implies it thinks the book will grow at ~13% a year *Simplified, but implied growth rate even higher when you account for fund expenses