As a people business, VC saw extensive hiring until 2021, when shifting fundraising and startup dynamics led to layoffs. Despite strides in diversity, challenges persist, with female representation at 23% in investment roles and 16% as partners, according to Deloitte. While some VC firms prefer to merge or be acquired (as exemplified by German firm La Familia merging with General Catalyst in 2023), some other VC firms shut down and return uninvested capital to their investors (LPs), such as renowned Boston-based B2B SaaS VC firm OpenView or hard-tech focused VC firm Countdown Capital.