Venture capital is in a paradox: deal values are surging led by mega AI rounds yet most late-stage companies remain starved for funding. For endowments and foundations, this late-cycle, high-rate environment brings both abundant dry powder and persistent liquidity constraints. In this piece, I examine the macro backdrop, capital flows, valuation resets, and practical strategies for institutional allocators to balance patience, discipline, and liquidity in today’s bifurcated VC market.