If there’s one indication of how difficult the fundraising environment has become, it’s that limited partners—the wealthy individuals and endowments that invest in VC funds—are trying to sell their stakes in those funds. In other words, not only are LPs not interested in your next venture fund, they want out of your last one.
“There’s a rare LP out there that wants to add venture today,” said Hans Swildens, the founder and CEO of Industry Ventures, an investment firm that buys secondary stakes in companies and other venture funds. Rather, “there’s a lot of people trying to offload everything.
“Almost every single company and every single fund has shareholders and LPs that are looking for liquidity,” he said.
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