Device PIPEs Flush with Opportunity

Venture capitalists really have little choice but to consider making private investments in public equities a part of their regular diet. Prices for public equities are too low to ignore, and VCs clearly need to keep a portion of their capital invested in more liquid public equities. No doubt, public equities will provide them a clearer path toward paying out distributions to limited partners once the general partners set out to raise a new fund.

The public markets clearly remain a long-term investment, which suits the appetite of venture capitalists just fine. A review of...