Funds started now will pay lower prices, so it can definitely be a plus for us in cohort 6

There is still a significant bifurcation in the biotech VC community. One one hand there are billion-dollar funds that do very little outside investment, and then there are a number of smaller funds that must necessarily focus in a particular niche. I'd be interested to see the same data, segmented by fund size. I believe this is good news for the latter type of fund, which of course includes all of us. :)