Getting access to the big funds, and paying their steep fees, has become more difficult even for some large family offices and ultra-wealthy investors.

AI mega-IPOs from SpaceX, OpenAI, and Anthropic are concentrating VC returns among just 20% of firms, leaving 3,000 venture funds scrambling for relevance.

Getting access to the big funds, and paying their steep fees, has become more difficult even for some large family offices and ultra-wealthy investors.