VCs are often seen as the startup funding scene’s rock stars. (At least, that’s how some would certainly like to be seen.) But if there’s one thing I’ve learned in the first eight months of this job it’s this: Venture capital is one link in a chain—VCs give money to founders, and ask for money from limited partners, the blanket term for the people and entities who invest in their funds. So, behind every VC lies the money behind the money, if you will.
Earlier this week, I sat down with a roomful of these LPs, along with a number of general partners at VC firms, to have a candid chat about the state of affairs in the business. The conversation at Fortune’s Brainstorm Tech conference in Park City, Utah, was held under Chatham House Rule. That means that comments can only be printed after they’ve been fully scrubbed of any clues possibly revealing the speaker.
