Looking back at my January 2023 post about "The Great Reset," I'm struck by both what I got right and what none of us saw coming. Yes, I along with most everyone else predicted the return to fundamentals, the emphasis on unit economics, and the rationalization of valuations. What I didn't fully grasp was that we weren't just resetting - we were standing at the precipice of a complete reinvention. The "bumpy ride" I predicted turned out to be more of a violent shakeout followed by an explosive renaissance. The venture capital industry didn't just correct; it metamorphosed.

The last few years in the private equity markets culminated in what I call "Moral Hazard at Scale." However, as the Great Reset begins in 2023, there are some encouraging signs that reality and rationality are starting to take hold in the market. This has me very bullish and why I believe now is the time to be investing in private capital markets. Those with conviction and patience should be handsomely rewarded.

Over the past two quarters, industry participants and research analysts alike have all put forward their wisdom on what the venture capital landscape will look like in the coming months and year. Set against a backdrop of a public market correction, increasing inflation, rising interest rates and political unrest, it would be easy to sound the horns of Armageddon and “let slip the dogs of war.”