Top VCs have expanded into broader asset managers; is the model sustainable?

Last week at TechCrunch’s annual Disrupt event, this editor sat down with VCs from two firms that have come to look similar in ways over the last five or so years. One of those VCs was Niko Bonatsos, a managing partner at General Catalyst (GC), a 22-year-old firm that began as an early-stage venture outfit in Boston and that now manages many tens of billions of dollars across as a registered investment advisor. Bonatsos was joined onstage by Caryn Marooney, a partner at Coatue, which began life as a hedge fund in 1999 and now also invests in growth- and early-stage startups. (Coatue is m

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