Figma’s founder just cashed out $60M.

Figma’s founder just cashed out $60M.

Sequoia, Index, Greylock, and Kleiner sold, too.

Meanwhile, LPs are still waiting on DPI.

Everyone’s celebrating the markup.

Nobody’s asking who got liquid.

These aren’t exits.

They’re asset transfers between insiders.

Liquidity events for GPs.

Liquidity risk for LPs.

I used to think a big raise was a win.

Now I check who sold.

$400M went in.

$0 came back.

Some firms are optimizing for IRR.

Others are optimizing for LinkedIn headlines.

The difference is who still owns the position.