(If the limited partners of these VC's acted like real fiduciaries rather than waiting for the end of life of the fund, more than half of old - line venture firms would have shut themselves down today.) (steveblank.com)
I don't know about Combs, but Hempton is wrong on Weschler I think, who is known for owning very concentrated positions in very few stocks and holding them for years (he compounded money at around 25 % annually for 12 years in his fund before closing it to go work for Buffett, and the majority of his returns came from just a few positions that he held the entire life of the fund). (basehitinvesting.com)
Throughout the life of each fund, there is an «investment period» of active investment. (purevc.com)