Thank you, David.

We are saddened by the news that David Swensen, the legendary Chief Investment Officer at Yale, lost his battle to cancer this week. Along with all who knew David, our team at Emergence has been deeply touched by him as a friend and as an advisor to our firm.

In 2007, David took a major risk on us when he became one of the largest investors in our second fund ECP II. For the last 14 years, we have had the honor of David's guidance every step of the way. In his memory, we'd like to share just a few of David's many lessons that have shaped our investment decisions, our culture, and who we are as people:

• Disciplined fund size creates constraints that force a high bar as you make decisions about an investment.

• Team decision-making pays off. Having a number of different perspectives around the table will outperform any single “smart” investor.

• Venture capital is the only asset class where value added after the investment decision can truly pay off.

• Venture is a people-based business where integrity truly matters.

• Don't abdicate your responsibility around public securities. He was always clear with us that if we distribute investments early it may be cutting off the long-term potential of that investment. We’ve taken that very seriously as a firm.

David’s confidence in Emergence gave us the strength to stay focused on our evolving thesis areas, take our relationship and influence with entrepreneurs personally, and develop our team from within over the long run. Most importantly, the power of a trusted team to make hard decisions together and support each other during the ups and downs of our industry, have been core to Emergence.

David, thank you for believing in us. We will miss your continued guidance, but your wisdom and humanity will live on.