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Photo: JOSEPH EID / AFP

Venture capitalists are on pace to invest over $100 billion in U.S. startups for the second straight year, including a record number of rounds more than $50 million. This might be the industry's high-volume mark.

The big picture: The dizzying numbers have been driven by an influx of new money that has helped companies stay private longer. But much of that new money comes from what I've previously referred to as "VC tourists" — or investors for whom startups aren't their core competency.

  • These include hedge funds, mutual funds, leveraged buyout firms, etc.
  • Some of this has been institutionalized, in terms of hiring teams.
  • All of it can be quickly abandoned, even in a low-rate environment, if the IPO market stagnates and returns go red. Tourists, after all, eventually head home.
  • One big wildcard is SoftBank, since its theoretical Vision Fund 2 would be larger than most other tourist allocations combined.

Many traditional VC firms also now play in the mega-space, raising dedicated growth equity funds either to make new investments or to support existing portfolio companies.

  • These could have more staying power, but not much more. Venture's history is littered with side-strategies that were dumped in favor of "returning to our knitting."

The bottom line: The new normal could soon give way to the old normal.

Go deeper

2 hours ago - World

2 Americans accused of helping Ghosn escape to Japanese authorities

Former Nissan chair Carlos Ghosn during a news conference in Jounieh, Lebanon, last September. Photo: Hasan Shaaban/Bloomberg via Getty Images

Two Americans accused of helping former Nissan chair Carlos Ghosn flee Japan in a box in 2019 were handed over to Japanese custody Monday, their lawyer said.

Why it matters: The extradition of Michael Taylor, 60, a private security specialist and former Green Beret, and his son Peter Maxwell Taylor, 27, ends a months-long fight to remain in the U.S.

Rep. Rice demands Cuomo resign after 3rd woman accuses him of misconduct

New York Gov. Andrew Cuomo during a February news conference in New York City. Photo: Seth Wenig/POOL/AFP via Getty Images

Rep. Kathleen Rice (D-N.Y.) on Monday evening called for New York Gov. Andrew Cuomo (D) to resign, after a third woman accused him of inappropriate behavior.

Driving the news: Anna Ruch, a former member of the Obama administration and the 2020 Biden campaign, told the New York Times Monday that Cuomo asked to kiss her at a New York City wedding reception in September 2019.

Scoop: Inside the GOP's plan to retake the House

House Minority Leader Kevin McCarthy. Photo: Elijah Nouvelage/Bloomberg via Getty Images

House Republicans will reclaim their majority in 2022 by offering candidates who are women, minorities or veterans, a memo obtained by Axios says.

Why it matters: The document, drafted by a super PAC blessed by House Minority Leader Kevin McCarthy, names top Democrats to target — Jared Golden of Maine, Matt Cartwright of Pennsylvania and Ron Kind of Wisconsin — and the type of Republican candidates to beat them.