As of 1984, the fourteen investments in the first fund showed a combined profit of $208 million; of that, fully 95 percent came from Tandem and Genentech. Without those two home-run investments, the first fund would have generated a multiple of 4.5x, still comfortably outperforming the return on the S&P 500 over the eleven-year period. With the home runs, the multiple was 42x.
