A couple of thoughts on this: (1) Agree with the general bifurcation in the market between those who are over-allocated to VC (broadly the US E&F crowd) and those earlier in their journey (pretty much the whole ex-US crowd + US public and private pensions);

(2) The "re-balancing" for the over-allocated crowd is already underway - underwriting standards are higher; rotation away from funds that have not delivered on DPI; continued consolidation of the number of relationships;

(3) But, I don't agree that the Yale model "may be dying." In short, the Yale model says: institutions with longer time horizons AND the ability to source great managers in alternative markets generally (not just in VC) will, over time, get paid an appropriate premium to listed markets.

(4) Nothing has changed wrt that thesis unless you believe that alternatives managers generally are no longer able to generate excess returns over equity markets beta. I don't think the data demonstrate anything new there.