Hi, it’s Nicolas from The Family. Here’s a new round of reflections about the future of venture capital, including a new concept to describe what’s going on.

⚠️ Last week’s essay on France, As Revealed by its Elite has drawn a lot of interest. If your preferred language is English 🇬🇧, you can read additional essays and access the reading list on the topic in the paid section of this newsletter. If you speak French 🇫🇷, you can also listen to me discussing the topic further with my wife Laetitia Vitaud in a podcast that’s part of our family project Nouveau Départ: Ce que Castex nous dit de la sociologie des élites françaises [subscription required].