History doesn’t repeat itself, but it does rhyme.
HF’s declined after they ballooned from a niche asset class, competition intensified, & alpha was competed away.
VC has graduated from a bespoke industry, & the power law is a brutally harsh mistress. This shouldn’t surprise.

🧵1/ For decades, venture has expanded practically by default: more funds, more managers, more capital.
After 20+ years, we are now facing the first meaningful industry-wide contraction since the dot-com collapse, with the smallest active investor base in more than 25 years.

Beezer Clarkson

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Original article | Odaily Odaily(@OdailyChina)
Author｜Azuma (@azuma_eth)
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