The Great Venture Talent Flux

By Rohit Yadav 

When is the right moment to shift your company, your role, or even your entire industry?

Ask a dozen people, and you’ll get a dozen different answers. But in venture capital, one thing is clear: we are at the peak of a talent shake-up.

The breaking point: 2023-24

Let’s rewind. The bottom of the venture cycle hit in 2023, a year that didn’t just hit valuations and deal flow but also put immense pressure on VC talent.

The downturn led to frustration, misalignment and career soul-searching. For some, it was a breaking point. For others, a wake-up call.

Either way, it set the stage for one of the most dramatic talent shifts the industry has seen.

What fueled this movement? Many factors, among them:

• The urge to break free: Many investors are, at their core, entrepreneurs. Some saw 2023 as a catalyst to launch their own firms rather than compete in an overcrowded system.
• Deal flow freeze: A risk-off dealmaking environment left many VCs unable to deploy capital, grow or build their track records, leading to frustration and career stagnation.
• The mega-firm misfit: Large firms often have hierarchies that might stifle rising stars, pushing ambitious partners to carve their paths. Meanwhile, the industry’s shift toward asset management (and away from high-risk, high-reward investing) deepened doubts about staying.
• Burnout and toxicity: Talk of toxic leadership and unhealthy work environments had long existed, but 2023 amplified these frustrations. Some couldn’t ignore internal conflicts and personal challenges anymore.
• Shifting career lanes: Not all VCs fully appreciated their roles. Many started exploring complementary paths, often eyeing operational roles where they could make a more tangible impact.
• Fundraising crunch: Raising capital became an uphill battle as LPs pulled back. With fewer opportunities to grow within, some reconsidered their long-term trajectories.
• AI disruption: The rapid ascent of AI forced firms to reassess their positioning, while some investors jumped ship to chase AI-driven opportunities that their firms weren’t ready — or willing — to embrace.
• The generational shift: For veteran investors, this downturn became a moment of reflection. Some saw it as a natural exit point rather than riding out another decade-plus cycle.

Despite hopes for a rebound, the venture market didn’t reignite in 2024. Recovery was sluggish, and momentum was weak. But one shift was impossible to ignore: VC talent was on the move. What once simmered in the background was now front and center, reshaping the industry in real-time.

The talent movement snapshot

Career moves, like life, aren’t linear. Many of the shifts we saw in the past few quarters might have been brewing for months or even years, and we may never know the real reasons behind every move.

A few notable recent VC moves include Sam Blond of Founder’s Fund, who transitioned from investing to an operational role, while Miles Grimshaw returned to Thrive from Benchmark, and Keith Rabois boomeranged back to Khosla Ventures.

The urge to build new firms also seemed to accelerate:

• Michael Gilroy (ex-Coatue) launched MarathonMP with Gokul Rajaram;
• Bilal Zuberi (ex-Lux Capital) started work on a new fund; and
• Anu Hariharan (ex-Y Combinator) forged her path.

Others had to adapt. Greycroft cut five investors after missing its fundraising goal by 40%, Octopus Ventures laid off 16% of its investment team, and Initialized Capital restructured.

In Europe, Cavalry Ventures lost its third partner in 2024, while Judith Dada (who left General Catalyst in 2023) moved to Visionaries Club in 2025.

Early-stage VC also saw notable moves, including Amanda Robson (ex-Cowboy Ventures 1) and Vic Singh (ex-Eniac Ventures) both setting out to start new firms.

So, what about 2025?

Career-defining decisions happen in two key moments: under extreme pressure (like 2023-24) or during peak market euphoria (like 2020-21). Outside these cycles, most stay put. But the last market descent triggered a talent reshuffling that’s still unfolding.

The best part? There’s still time. This year marks an inflection point. With nine months left, the venture landscape is still in flux but far more optimistic than in 2023-24. This is a rare moment to take control, realign ambitions, reignite networks and embrace reinvention. One thing is clear: The hunger for transformation has never been stronger.

This year will be defined by bold pivots and quiet recalibrations. Some will take the leap, others will strategically position themselves for moves in the coming quarters and years.

And for junior and mid-level VC talent? The opportunity is even bigger. With pressure easing and partner-level transitions reshaping firms, hiring is regaining focus. Now is the time to step up, claim new roles and make bold career moves.

One thing is undeniable — venture talent is on the move. Are you ready to make yours?

Rohit Yadav is the creator of The Big Book of VC, a quarterly insights project known for its “Venture Knowledge Alpha” tagline. His investment expertise goes beyond venture, spanning real estate, renewables, infrastructure and equities. As the host of TheOnePoint podcast, he explores niche venture topics with founders, VCs and LPs, bringing fresh perspectives to the industry. Yadav has hands-on experience in tech, sales and product roles, and combines investment acumen with real-world operational and tech knowledge.

Illustration: Dom Guzman