I bear some responsibility for what is happening. Total venture capital in the U.S. amounted to only $400 million a year when I began my career. But I recommended a venture-capital fund to the Yale University investment committee in 1976 and began finding “alternative” investments for my clients. I worked closely with David Swensen, who arrived at Yale in 1985 and perfected the so-called Yale Model, which accelerated institutional investing toward illiquid alternatives with a long time horizon.