End of a (short-lived) era?

The end of the year sees a real shift in sentiment from the LP community. Their focus on cash conservation sparked fear in GPs with mature funds, worried they'd be forced onto a bumpy fundraising trail. On the other hand, funds that were 20-40% invested were deemed best placed, since drawdowns were sufficient to dis-incentivise wobbly LPs from defaulting, while undrawn commitments should have sufficed to see them through the next few years