"we would prefer to follow in this round, rather than lead it."
There are some legal reasons for this if it's a down round. If the initial investment is in one fund, and there's a down round in another, they need someone else to drive pricing so that it doesn't look like they're favoring one fund at the expense of the other. (I'm not sure why this isn't an issue during an up round)
There are some legal reasons for this if it's a down round. If the initial investment is in one fund, and there's a down round in another, they need someone else to drive pricing so that it doesn't look like they're favoring one fund at the expense of the other. (I'm not sure why this isn't an issue during an up round)