‘Our Funds Are 20 Years Old’: Limited Partners Confront VCs’ Liquidity Crisis

Why It Matters

The prolonged illiquidity and valuation disconnect force institutional investors to overhaul portfolio strategies and rely heavily on secondaries, reshaping capital flows in the venture ecosystem and tightening funding for new managers. This shift could accelerate consolidation among top‑tier VC firms and alter risk‑return dynamics across the broader private‑equity market.