Limited Partners Kvetch About Cash Crunch; Altimeter’s VC Returns

I’ve spent the last few days at March Capital’s Montgomery Summit. The mood was pretty buoyant: preparations to go public by startups such as CoreWeave were stoking excitement among venture capitalists and their backers, who have been waiting three years for exits that can return their investments. 

But the chill in the Santa Monica air also permeated many of the conversations I had. Limited partners, ranging from family offices to pension plans, are still frustrated by the lack of cash returns—and some have been changing the way they operate to compensate.