The Venture Capital game is tough. It’s a gamble, you analyze the field, place your bets, and hope for the best. Typically you don’t win by a lot of companies you’ve invested in doing well, but betting on one company that does REALLY REALLY well. It’s all math.

I was having a discussion with a friend about the amount of capital being poured into real estate and the conversation came to NAR and their Second Century Ventures arm, which NAR’s CEO Bob Goldberg has championed since its launch in 2009, and now sits as its Chairman.

Do the math on this …

When DocuSign went public, NAR stated publicly they sold 28% of Second Century’s stake for $43.8 million.

The IPO price was $38/share, so let’s say NAR conservatively sold their shares for $35, they would have sold 1.25 million shares to gross $43.8 million. The article says they sold 28% of their overall shares, which means they were left owning roughly 3.5 million shares.

DOCU‘s share price has been up and down around $300 this month, assuming they haven’t sold any since the IPO, the value of the remaining shares would be worth close to $1 billion.

Am I missing something? Does NAR really have access to a $1 billion war chest?