I couldn't agree more. I have seen too many fund managers succumb to the temptation of ever larger funds (and salaries), leading to inadvertent but fundamental

I couldn't agree more. I have seen too many fund managers succumb to the temptation of ever larger funds (and salaries), leading to inadvertent but fundamental changes in investing practices (more mgt fee/partner => more dollars to deploy per partner => bigger investments in each portfolio company => not venture capital anymore), though I hope those days are passing as the industry contracts. When salaries get big, the incentive to take investment risk declines (the upside value of carried interest is less than the downside risk of losing the LP base).