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Satisfying the VC's Ultimate Customer

This article was originally published in Start Up

Executive Summary

The current spate of biotech IPOs, and their relatively poor after-market performance, is unlikely to change VC investment practice more than it's changed already--but in recent times it's already changed profoundly. VCs are worried about going back to their ultimate customers--the limited partners--with the kinds of returns they've been able to generate so far.
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