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The Shakeout Is Here—And That’s Not All Bad
Field Notes

The Shakeout Is Here—And That’s Not All Bad

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Earnest Sweat
May 23, 2025
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GROUNDWORK
The Shakeout Is Here—And That’s Not All Bad
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A few days ago, I was quoted in Bloomberg in a piece titled “It’s Never Been Harder to Make It in Venture Capital.”
They weren’t exaggerating.

The article unpacks just how brutal this moment is for emerging managers. LPs are overexposed. Interest rates are up. Political and institutional headwinds are real. And if you don’t already have a brand, a backlog…

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