Allocation to smaller funds has continued to shrink, which is going to be a drag on the aggregate returns for VC moving forward. This is not a new problem. The share of capital absorbed by 'venture banks' has risen constently since about 2008. In parallel, the performance of VC has broadly declined.... See more

In the 1980s, a venture capitalist could truthfully say their investment was the difference between life or death for an important, generational technology company. Funding such companies, in this way, was absolutely a good quest. But today there are more people "helping the builders" than actually building, fighting one another in a zero-sum game

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