The ones investing in startups are VCs who receive their money from institutional investors, who in turn receive their money from various pension funds, endowme

The ones investing in startups are VCs who receive their money from institutional investors, who in turn receive their money from various pension funds, endowments, and funds of funds. There's many layers of abstraction where a fraction of a percentage is just a portfolio adjustment. The ones buying startups are the larger corporate entities who are quite liquid right now due to all the money sloshing around. Especially digital media entities like Google, Facebook, Yahoo, et al who have been making a killing on advertising revenue from other highly liquid industries. They may adjust decisions to purchase startups if that no longer becomes the case.