• Fundraising activity for first-time venture fund managers has all but collapsed during the pandemic, as investors in such funds put their money to work at established firms, according to PitchBook data.
• The dearth of capital for newly formed funds could discourage tech workers from quitting their jobs to become VCs. These operators-turned-investors are sometimes referred to as “super angels.”
• Super angels have carved a valuable niche in the tech industry, because they can move fast on deals and their operating experience gives them instant credibility with founders.
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The rush of startups to the public markets in recent months has minted millionaires and billionaires in their ranks.

Some of those employees might have ambitions of quitting their jobs and trying their hand as venture capitalists, deploying money out of their own pockets or raising a fund from investors known as limited partners, or LPs.