[not_that_noob]

The number of small and midsize venture firms unable to either raise a fund or raise a fund comparable in size to their prior fund is growing. There are now many ex-partners from several firms, who have been discarded because the new fund is too small to support them.

On the other end of the spectrum, large funds which supply capital for rocketship companies have been doing well and raising more. These funds are akin to PE, and are primarily supplying the money to keep companies private long after they could have IPO'd. Hence the large valuations for dropbox, etc.