Even though the venture capital world is in a frenzy — valuations are ballooning, more and more so-called “unicorns” are appearing every day — First Round Capital is staying the course.

That was the message managing partner Josh Kopelman sent in May to his venture capital firm’s limited partners in his quarterly letter. It was leaked this week, racking up nearly 55,000 views on Scribd.

Here’s Kopelman explaining his strategy:

He continued: “So even though there’s almost a 10x increase in the availability of capital for seed-stage funds right now, we’ve chosen not to materially increase our fund size (our current fund is just 2.8% larger than our prior fund).”

He also noted that it’s been First Round’s slowest two quarters in six years, making just 10 investments since Q4 2014.

“We don’t expect that our pace will permanently remain this low — already one month into Q2, we’ve seen an uptick in new investments,” he wrote.

Find more analysis here on the newly paywalled PandoDaily, which happens to be backed personally by Kopelman.

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