An AI IPO wave concentrates capital in the ten biggest funds rather than repricing public markets.

Andrew Gershfeld of Flint Capital argues in Crunchbase News that the consequential moment isn't the listing, it's the LP distribution afterward, and returned capital predominantly gets redeployed into the largest established managers. Top 10 US venture funds captured nearly a third of all capital raised in 2025; a16z alone raised over $15B across five funds, 18% of all US VC dollars. Emerging fund formation is at its lowest in over a decade. His line: "the market may become larger without becoming broader." If you're raising outside the top-fund orbit, a liquidity wave is not a funding wave.