VC ISN'T VC ANYMORE — UNDERSTANDING THE RISE OF CANCER CAPITAL

Summary from the TLDR Dev newsletter

A small group of giant, post-VC investment firms have become what the author calls "Cancer Capital": multi-strategy funds that collect enormous management fees, face less exposure to startup outcomes, and use capital to concentrate political and economic power. He says this shift has flipped the founder-investor relationship, distorted startup incentives, enabled early cash-outs before public-market accountability, and pushed risk onto pension funds and ordinary investors.