True that venture capital is being hit by the macro environment, but they also have a bunch of housekeeping issues, untended since the early part of the decade, that are now coming home to roost.

The inside chatter in VC points to a smaller industry, with a lot of funds silently disappearing as they manage out their current portfolio and don't go out to raise new $. Ultimately this will result in a healthier group of funders who can combine experience, success, and thinking differently about how venture capital should work. 

Follow @fredwilson (Union Square Ventures) on Twitter if you want to get the freshest thinking on this topic.