That's a very good point, and there is probably enough appetite in the endowments (nevermind the other large LP archetypes such as pension funds, hospital systems, family offices, etc) to make up for any pullout.
To go one step further, I think I recall recently that Sequoia also moved to an evergreen RIA structure (as well as several other large funds such as a16z, Lightspeed, Thrive, etc), so that's even less of a concern and makes it possible for these firms to capture exits in the evergreen structure and recycle it into earlier stage funds.
Maybe I went overboard trying to soften how non-material this event really seems.
To go one step further, I think I recall recently that Sequoia also moved to an evergreen RIA structure (as well as several other large funds such as a16z, Lightspeed, Thrive, etc), so that's even less of a concern and makes it possible for these firms to capture exits in the evergreen structure and recycle it into earlier stage funds.
Maybe I went overboard trying to soften how non-material this event really seems.