First Round is a multi-stage firm, but they seem to focus on seed stage where valuations are still in the 7 figures to low 8 figures. At that stage it may be possible to return 3x your fund over 7 years without having super outliers.
The valuation at which you invest dictates the kind of exits you will need in order to satisfy your LPs.
The valuation at which you invest dictates the kind of exits you will need in order to satisfy your LPs.