The PE-fication of Venture

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January 10th, 2025 Koko Xs The PE-fication of Venture Perspectives From a 21-year-old Fund Manager When I first considered venture investing as a career, I made a list of reasons why it would be a terrible decision in retrospect. I read everything I could find, from the first book ever published on venture to the lecture transcripts taught by the first venture capitalist. The top reason on my list was the observation that venture returns have continuously declined in its history. To understand why, let me first tell you the story of venture capital. Venture capital was inaugurated in…

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