The 2021 vintage of venture funds is still relatively early in its lifecycle. But the early data on returns may soon be cause for concern.

The GPs of small venture funds tend to have more skin in the game than the GPs of large funds. How else do the fund economics of small and large VC funds compare?

While today’s picture may mirror what happened when the Fed dropped rates four years ago, there are also several significant ways in which the current environment differs for VCs.

These days, nearly every company that could be described as a SaaS startup is also an AI startup. The result: a surge in total SaaS fundraising and new highs for early-stage valuations.