One thing I always wondered as a hedge fund guy was where all the reports of VC/PE doing badly went. You always hear about some hedge fund blowing up or having a terrible month, but I seem to never hear any bad news from the private markets world. In fact it's all "we returned 10x capital" which is pretty good even if it takes a few years, especially if there's no losses. Even Softbank seems to be doing okay considering the sheer scale of bad press.

Of course PE is a bit different to VC in the leverage, and might be a candidate for Minsky moments through the traditional credit spiral.

This essay gives a plausible alternative route for VC and clarifies what actually makes the spiral happen.

But for both I just struggle to think of many bad events other than WeWork, which hasn't even died.