Interesting. Totally makes sense when you think about it. Asset allocation among the LP set tends to be backward-looking, so if we believe exiting via IPO = hig

Interesting. Totally makes sense when you think about it. Asset allocation among the LP set tends to be backward-looking, so if we believe exiting via IPO = high fund IRR, we should expect fund flows into VC. Similarly if we assume that M&A exits are less profitable (especially, less likely to move the needle on a particular fund's IRR) we should expect to see pressure on the VC to reinvest that capital and take another swing of the bat.