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EX:Shadow/Canyon #324
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Their post 2000 pe funds have not made any money, and Ray Lane was recently "demoted" to partner emeritus.
VC partnership funds have a 10-12 year lifespan. When a new fund is raised, it is not unusual for partners in their 60's to step aside and not be part of the new fund (and not get any carried interest, leaving more for the partners that are actually doing the investments). This is not a demotion, just a passing of the baton to younger partners.
 
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