That's the difference between a smart lead manager and one that just wants to fill the book and cop the 6% fee IMO. I am always a bit wary of Top 20s filled with instos especially if they were invested in seed raisings. Long term it doesn't matter though.
There are good instos and bad instos. Experience tells you the ones that you would rather not see in the Top 20.
Ann: Ceasing to be a substantial shareholder, page-5
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