This is a really interesting and thoughtful post from Fred Wilson on the differences between venture capital and private equity. It reflects on the implications that owning the business (private equity), as opposed to being a minority shareholder (venture capital), has on a business. In particular he highlights the value add that can be derived from having very clear lines of responsibility, crisp decision making, clarity of who is calling the shots, and a deep feeling of ownership and responsibility for the businesses invested in.