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One of the<\/span> biggest venture capital trends of the last few years was early-stage firms raising \u201copportunity\u201d funds to make follow-on investments into their most successful bets. But amid a tougher fundraising market that impacts both VCs and startups, muted exit environment and slowdown in late-stage funding, will that trend continue?<\/p>\n Earlier this week, TechCrunch first reported<\/a> that Lux Capital was raising money. What stood out was the firm ditching its opportunity fund and combining its early- and late-stage strategies into one vehicle that will mainly focus on early-stage deal-making. This came just weeks after Y Combinator announced<\/a> it was pulling back from its late-stage strategy too.<\/p>\n At first, I thought these were just the first few indicators that 2023 would likely be the year the opportunity fund trend dies, but of course, it\u2019s not that simple.<\/p>\n I think whether to raise an opportunity fund will become a much more debated question for firms looking to raise money this year. I think we will see significantly less of them, but there will still be firms raising them with good reason. Khosla Ventures and Canaan appear to be among these: Back in January, Khosla started fundraising for a slate of new funds, including an opportunity fund<\/a>, and on Thursday, Canaan said<\/a> it had raised $850 million across two funds, its flagship early-stage fund and a late-stage strategy, my colleague Connie Lozios reported.<\/p>\n<\/p><\/div>\n