Career thoughts: next steps

I appreciate your reference to multi-stage investing and the entry of hedge funds/sovereign wealth funds into the market. The reason for this that I hear most often is that, normally, these entities made investments in IPOs or shortly thereafter but companies are remaining private longer so if those entities want to invest at the same revenue targets/ valuations / development cycle, they’ll have to do so while a company is private. But the problem is that when a company is public, I can just buy their stock, I don’t really need permission. When a company is private there is at least some bit of permission that needs to be granted. What is unique about these entities? They’re are large flexible investment vehicles with broad mandates. Why is it that you rarely see a company have the same lead investor for more than one round. Do the requirements and skills of an investor vary that much after the Seed investment? Like marketing, like product, like hiring, financing is a choice and strategy for founders to think about and craft a subsequent plan. Why not pitch a financing vehicle aiming to lead every investment round? I think a hedge fund is well positioned to make this happen. I can imagine financing more interwoven with a company’s business operation. This is probably attainable for established funds if they were to just raise more money, which I’m sure they’d be able to do. Are the “Opportunity Funds” for early firms a stop-gap to this idea? At the least, why have few firms differentiated on their existence as a resource of capital? Obviously this raises a number of points but would be curious where your thoughts lie on this.