Is this the end of venture capital as we know it?

GUEST: We are in a perverse moment in the global venture capital industry: VCs are fast coming to resemble private hedge funds, and the more money they are able to raise, the worse off startups are becoming.
Capital is flowing into funds of all types, yet the rate of investment is shrinking rapidly. This could mark the decline of true venture capital by many funds as they are forced to evolve into private hedge funds or momentum investors, investing far larger amounts in much later stage pre-IPO