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A VC fund takes close to ten years to call its capital and at least a few more years over that ten to get liquid. Some semblance of the team that raised the fun needs to manage it out, even if they are unable to raise a new fund - otherwise investors get illiquid shares back. There are many of these "walking dead" firms out there which are managing old funds but cannot raise new ones. Those firms will eventually be gone. As noted, a better way to measure the number of VC firms are those that have funds raised within the last five years and are actively in the investment period of those funds. As an entrepreneur, that is a scary and increasingly small number from which to raise capital. We all better hope crowd funding and JOBS works....

2 years, 5 months ago on That venture capital shakeout is still taking way too long