Everyone keeps pointing to the collapse in emerging VC managers as evidence that venture fundraising is dying. But I think we’re missing a big part of the story. Most smaller emerging managers weren’t raising primarily from pensions and endowments. They were raising from family offices, founders, and wealthy individuals. And those investors haven’t necessarily stopped investing. Many have simply changed how they invest. Why commit millions to a 10-year blind-pool fund when you can pick individual deals through SPVs? Yes, institutional capital has moved upmarket. But I suspect a meaningful amount of the capital that once backed emerging managers has moved into SPVs, direct investments, and syndicates. The number of funds closing is down dramatically. That doesn’t tell us how much capital has actually left the market versus how much has simply moved outside traditional fund structures. That’s the data I’d really like to see.