VC can't hide any more

so the numbers that were propping up great returns are now out of the 10 year timeframe. And while returns for the industry are OK at 8%, this includes Google, and quite a few deals that skew the numbers.  And if you weren't in one of those funds that made those huge home runs, you're probably not looking at an 8% IRR.
I'll disagree with Heesen, that it didn't 10 years to fully realize what happened, and clear the impact.  We've been seeing the impact with funds that were raised during that time, not able to raise another fund.  Partners who won't be running a fund in the next decade.  While it is "easy" to double a $25 mil fund, to $50 mil.  trying to double a $1 bil fund to $2 bil is impossible.
Silcon valley will still be a huge influence in the returns and the type of investments that will be made in the coming years.  But the lock that used to exist of innovation and investment within the USA may have been lost.
The numbers were bad, they're gonig to stay low for a while, but in the end, even VC has a role to play in the economy.