As the various limited partners of VC firms are getting angrier and angrier, more firms are giving in and restructuring funds or giving back money. It was big news a week ago when Kleiner Perkins agreed to give back some money, and that move may have influenced some other big name firms to make some changes. The article details moves made by a few of the more well known venture firms - including Accel, which has agreed to "split" their current $1.4 billion fun into two separate funds. What this does is reduce the management fees that Accel takes while they're sitting on the money doing nothing. Of course, as someone points out in the article, splitting the fund instead of just reducing the size of the fund suggests Accel is less sure of its ability to raise more money in the future - so they're hanging on to as much as they can now.
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