Exits were possible as early as the Series A for total success stories through secondary transactions when the overall startup market was frothy. Frothy times are gone for the time being. Assume that you need to hold until the company itself exits, which will be 8 to 12 years out for a startup studio. Lemons will ripen first, as they saying goes, so you may have some 2x to 3x returns in 3 to 5 years. Startup studios take a loooooong time to get any liquidity, since they are so early in the formation and funding process.