Pile-ins, payouts, and pacing pressure: the investors behind the VCs open up

The limited partners who provide the capital to venture firms — the “money behind the money” — are feeling great right now. They’re in uncharted territory in many ways, but also potentially exceedingly lucrative territory.

Normally, LPs typically spread their bets across many firms to diversify their own portfolios. They write checks to emerging managers and established ones, to generalist firms and specialists. The goal is a strong return, but also to…