Venture capital has an exit problem

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A big overhang of ageing — and unsold — private tech companies has developed

Venture capital has an exit problem


Richard Waters

The rocket-ship story of cyber security company Wiz is the kind of thing that the venture capital industry has long relied on to draw in investors.

Four young engineers sell their first start-up to a giant tech company (Microsoft) and go off to found another. This one finds an unmet need and hits the big time: it quickly raises $1.9bn from some of the best-known names in venture investing. After just four years, a different giant tech

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