Is a job in VC more or less attractive in a market downturn / potential recession? Asking as someone 4-5 years from partner. Biotech VC if that makes any difference.

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Depends on the biotech focus but would think that the biotech VC world is more dependent on accurately identifying world changing therapies, and less on macro cycles

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Biotech makes a big difference. Biotech is a game— it’s just making a bet. How much cash does the firm have, what’s their burn rate, what are the odds they make a breakthrough before they run out?

Traditional VC depends on the exuberance of other VCs / the market to make their money. These are generally huge multiples, crazy valuations, value investors are scared. Less recession resistant. A down round Can kill and otherwise fine company

A biotech VC that picks a winner is getting a real company with a great product, clear revenue visibility, profitability projections, etc. More recession resistant at time of exit

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I'd say more because of the potential upside

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In that valuations will be lower during a down market? And then you can realize more when the market rebounds?

Does the tightening of capital markets impact the ability to do deals, assuming you have capital in hand?

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