These days, it’s not easy to be a limited partner who invests in venture capital firms. The “LPs” who fund VCs are confronting an asset class in flux: Funds have nearly twice the lifespan they used to, emerging managers face life-or-death fundraising challenges, and billions of dollars sit trapped in startups that may never justify their 2021 valuations.

Indeed, at a recent StrictlyVC panel in San Francisco, above the din of the boisterous crowd gathered to watch it, five prominent LPs, representing endowments, fund-of-funds, and secondaries firms managing over $100 billion combined, painted a surprising picture of venture capital’s current state, even as they see areas of opportunity emerging from the upheaval. READ MORE