Mega-funds thrive despite hard times for small and first-time VCs

Venture capital's biggest firms are heading into a recession with a slew of newly raised mega-funds, while smaller firms face a slump in fundraising. Lightspeed on Tuesday announced three funds totaling $4.2 billion, following in the footsteps of NEA, Flagship Pioneering and General Catalyst, which all raised new mega-funds since March.