That's not how the funds flow works. The capital call structure was baked into the GP's raise from the LP -- if that happens at ATH and is highly beneficial to

That's not how the funds flow works. The capital call structure was baked into the GP's raise from the LP -- if that happens at ATH and is highly beneficial to the GP, then the LP has a contractual obligation to adhere to that structure. As sibling comments have mentioned, of course, whether the GP exercises that contractual right is far more complex and based on the relationship to the LP; and indeed, VC is a relationship driven game, so the natural behavior on part of the GP is to take their time, see how things shake out, use leverage to get better deals and take a wait and see approach. The point is, though, if a VC chose /not/ to take a wait and see approach and instead go out guns blazing to take advantage of a buyer's market -- they would be within their rights to do that.