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BowTiedBiotech's avatar

We are watching the venture ecosystem drift toward a capital monoculture, where fund size dictates risk appetite, and only the loudest themes get funded.

Mid-sized funds were crucial for cultivating judgment, big enough to lead, small enough to experiment. Without that middle rung, the weird-but-worthwhile gets stranded, and the next generation of GPs is either boxed into micro-funds with no carry worth waiting for or buried inside mega-platforms executing someone else’s thesis.

Long-term, this setup flattens the innovation landscape and delays the handoff to new stewards of capital.

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