There is a little talked about problem for some venture investors. Many made much money during the late-90s bubble and have struggled to perform since, but people still forgive them. Other funds made money before the bubble, but didn’t make much/any during it, and that is turning out to be a bigger program, with LPs looking askance at re-upping with them.
In a sense, it is the LP community saying “If you weren’t able to make money during the tech bubble, then without significant changes you don’t deserve to be in the business”. Trouble is, of course, significant personnel changes at a venture firm is another alarm. Look at what Matt points out is happening at Worldspan for a good example .