Hypothesis There’s more attribution to deals nowadays - individuals who show success want better economics (not equal split, even at funds like Benchmark) Solo GP success (@eladgil) proves top individuals can raise as much as they want, especially where a VC used to have to be at a platform fund to write Series B+ checks. Increase concentration into deals means top individuals with access have more leverage on investments. Ambition - the top VCs and top funds want to be on the amount Rushmore of investors. You get there by having your own fund vs being somewhere else.