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NASVF Net News
June 8, 2009 /
Venture Darwinism: It’s Coming
Two years ago, while having lunch with a former Sequoia Capital partner, I was surprised by his bitter complaints about the difficult state of venture capital. The problem? In short, limited partners–the institutions (endowments, pension funds, foundations, etc) pouring cash into venture capital firms–were flooding the industry. In turn, it led to too many deals, higher valuations and eventually lower returns on investments. Unfortunately, his diagnosis has become reality.
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