$3T in dry powder stuck in venture funds older than 10 years. DPI just 9%, two years running. A structural break, not a bad cycle.

Jared Carmel (Manhattan Venture Partners, with SpaceX, Anthropic, xAI in portfolio) on "How I Invest": the best companies stay private 15-20 years and offer liquidity via secondaries, now 92% institutional, while continuation vehicles explode and unicorn employees sit on paper gains with no exit.

"IRR doesn't pay the bills. DPI does." Venture is quietly becoming an access class, not a returns class, and your investors' LPs haven't seen real cash back in years.

https://open.spotify.com/episode/0wr4Uiwq3f2zoyTTZ8TLxz