In recent conversations with venture capital professionals, one thing is abundantly clear: This current market is a profoundly challenging time to be fundraising as an emerging manager. As the market turned down last year, the percentage of limited partner dollars going into emerging funds decreased, a trend that appears to be continuing into 2023. Many LPs are either refraining from investing in the VC asset class entirely or, in a “flight to safety,” are focused only on investing in “brand name” funds. This leads to a concentration of LP capital in the same big funds that have been around for decades, despite their recent vintages likely struggling as the market and private valuations majorly reset. READ MORE