It's likely not distributed evenly between their three investments (and perhaps three separate funds), and with the late-stage checks typically being larger, it might impact the ROI of that late-stage fund more severely.

I don't really think the urgency is there, though, VCs have been dealing with illiquid companies for decades, if they need to wind down the fund, they will either distribute the shares directly to the LPs or create a placeholder SPV and distribute partnership interests.

Yes I did! Thanks.

Can't edit it now, unfortunately.