Thanks for the explanation of the different incentive structures for VCs vs. mutual/hedge funds. Can you explain where large mutual funds get the money that th

Thanks for the explanation of the different incentive structures for VCs vs. mutual/hedge funds. Can you explain where large mutual funds get the money that they invest in the late rounds of these private companies? Is it mostly institutional/pension/retirement funds? Who is losing when Fidelity writes down a late stage investment in a private company? I'm assuming the fund manager, but do the investors lose as well, or will they only lose if it causes a panic/bank rush with all investors clamoring to withdraw from the fund asap?