Some institutional LPs have started pulling back from VC, but most won’t

This year will likely be a sore spot for venture returns. While we haven’t seen drastic down rounds or sensationalized startup shutdowns yet, if the market continues on its downward trend, it feels all but inevitable.
While some firms can shrug off a bad vintage or two — thank you, management fees — poor performance hits their investors (limited partners, or LPs) the hardest. But despite the fairly certain future performance hit, institutional LPs like to play the long investing game. Because of that, they aren’t generally a very reactive bunch.
So I was surprised to see that the F

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