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Over the last year or two, something curious has started occurring in the conference rooms and private Zoom meetings of biotech venture capitalists.

Representatives from pension funds, college endowments, family offices, and other organizations with money to invest have become bolder in their requests, according to interviews with a host of VCs. They’re pushing not only for advantageous terms in a VC firm’s latest fund, but in some cases, have angled for equity in the firm itself. These types of conditions aren’t unheard of, but have become more frequent as venture capitalists have a harder time raising funds, and as outside investors feel empowered to ask for more bang for their buck.

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“A lot is changing in venture fundraising right now,” said Nan Li, co-founder and managing partner of Dimension, which launched last January. Outside investors tried to ask for a piece of Dimension, but the new firm had more than enough interest in its first fund and was able to turn down those proposals. Two other young VC firms told STAT they’ve fielded similar requests, and one investment group reported that it had managed to negotiate an equity stake in a VC firm.

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