What is this obsession on HN about "everything can explained with the end of ZIRP" (zero interest rate policy)? Really: Even with overnight rates at 5%, the returns are still awful compared to even moderatly successful VC firms. And, I do not write this as a fanboi/gurl for VCs. (Many have shitty, immoral business practices to enrich themselves at the expense of hard-working non-executive staff.) Also, "end of VC-money": No such thing. They are practically bursting at the seams with uninvested money gathered during ZIRP.