Also it’s not too surprising that LPs are most cautious about growth stage funds - in particular concerns about late-stage valuations What is your fund’s outlook on later stage venture capital / growth equity? We like growth stage but want a healthy balance of 32% seed, A/B and growth We’re worried that the growth stage is 68% the most over-valued part of the market 29 Source: Upfront Survey Jan 2016, 71 LPs.