There has been much discussion in the past few years of the changing structure of the venture capital industry.

On the surface the narratives have been

• The rise of “micro VCs” or seed-stage funds 
• The rise of alternative sources of capital (crowd funding and the like) 
• The poor performance of the asset class (this analysis has largely been wrong as I pointed out here –> most analyses were clumsy rear-view mirror looks at the data) 
• We are in a bubble (with so many private $1bn+ valuations)