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Is it really true that no-cap is the new norm? Are these institutional seed funds doing no cap convertible note deals? Anyone?

I thought it was the other way around, that 5-10 years ago you could get no cap but now everyone wants it priced. Especially if the round is a big one.

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Of the 500 or so pitches I have heard in the last six months in Silicon Valley and San Francisco, about ten proposed a no cap note--a few of these with a discount and a few with no discount. These were almost entirely Stanford students at a single Stanford event, so I think that was more about targeting rich alums who might wish to help new entrepreneurs at the Alma mater.

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