That anomaly is now a $10 million fund with real numbers behind it. Carta’s Q4 2025 data shows funds under $10 million are still beating funds over $100 million at returning cash to investors and growing their paper value. Basically, a $10 million bet that grows tenfold barely moves the needle inside a $1 billion fund, while inside a $10 million fund, it changes everything. Financial terms were not disclosed. Financial terms were not disclosed.