> IPOs have declined during a period of low rates That is the expected result. Firms can take longer to pay off because the cost of capital is lower, and VCs a

> IPOs have declined during a period of low rates That is the expected result. Firms can take longer to pay off because the cost of capital is lower, and VCs are under less pressure to deliver. What you'd want to see research on is IPO returns accrued to investors.