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.
Last year saw a record 270 first-time funds close, according to PitchBook data, which means there are almost 300 emerging managers who raised their fund in a bull market and are now deploying it in very different market conditions.
We polled six first-time funds to better

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