Is there a future for large-scale VC?

As discussed on this forum many many times, valuations are at an all time high in the VC world and the phrase bubble comes around as often as oversubscribed term sheets these days. Curious to get the community's feedback on if they think the space can maintain its current scale for those looking to get into VC / remain in VC, and, if not, what a downside scenario looks like?

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