If VCs were investing from a balance sheet or their own accounts, I think this would be true. And my experience in the 2000/2001 and 2008 recessions was the fun

If VCs were investing from a balance sheet or their own accounts, I think this would be true. And my experience in the 2000/2001 and 2008 recessions was the funds that had ready access to capital invested significantly (and got good returns) in those down cycles. The issue, however, is the LPs. The capital that VCs invest comes from LPs that are large investors like pension funds and college endowments. These investors have very meaningful exposure to the public markets and broader economic trends, and when those take a big hit, the LPs put pressure on VCs not to make capital calls (reducing access to capital). In addition, LPs are often very reluctant to increase their exposure to VC/PE in down turns and commit more to illiquid assets. As a result, VCs don't want to try to raise a new fund when LPs are pulling back. So they try to stretch out the current fund as long as possible. Last, in a down turn, existing portfolio companies may not have access to outside capital, so funds may end up deploying or reserving more capital into the existing portfolio rather than to new investments. Those external drivers combine to result in a slower pace of investment for VCs during a recession.