https://techcrunch.com/2022/08/04/6-first-time-funds-see-an-advantage-in-entering-a-downturn-without-a-large-portfolio/

Who will fare better in the current venture downturn?

Will it be the legacy investors with years of experience amassed through multiple market cycles — but who also have a sizable portfolio to worry about — or the emerging managers who are looking at the market with fresh eyes and a clean slate? We’re about to find out.