May Recap: VCs -> RIAs, LP patience, small fund power, and more

One of the most useful things about stepping back is seeing not just what’s happening—but what’s compounding.

May’s posts covered the reopening of the IPO window, concentration risk in platform VCs, and the structural advantage of small funds. But across all of it, one theme kept reappearing: GPs are adapting to longer feedback loops—and LPs are adjustin…