It took us some time to realize that:
- in ~ 80–90% of cases we want to do our pro-rata anyway
- in ~ 5-10% of cases we don’t want to but kind of have to, to prevent harm from the portfolio company due to bad signaling
- committing to our pro-rata in the remaining ~ 10% might lead to some sub-optimal capital allocation, but this will be far offset by all the other advantages.