This new cartoon illustrates how venture capital as an asset class is starting to lose its positive perception among fund investors.

For years, venture capital enjoyed an attractive public image. From the outside, it looked like a club of ex-Ivy Leaguers with a smattering of start-up experience making million-dollar bets from plush offices with long time horizons. Management fees were generous, failure was abstract, and the uniform was universal… chinos and a sleeveless puffer vest. Venture was not just an asset class, it was a lifestyle brand. READ MORE