Guess who a tech downturn could hurt the most

High-flying start-ups may well be able to weather a financial markets storm after raising monster sums of cash. However, the foundations, endowments and retirement funds that support them face a tougher slog. Limited partners (LPs) are the institutions that provide the money venture capital firms use to invest in start-ups. On paper, funds raised over the past half decade look good, thanks to ...