.@avlok (CEO of AngelList) on the surge of LP interest in emerging managers and why Q2 felt like a turning point. “We just hit the perfect storm in Q2; big exits, real revenue growth, and massive dollars flowing back to LPs." "LP investment into emerging managers, funds sub-$100M, was up nearly 50% quarter over quarter." "For several quarters, it felt like a valley of death. But now you’re seeing real liquidity, real exits, and that changes everything." "Even if LPs get back just 10–20% of their capital, it feels real, and once it feels real, they come back.”