That's the thing - nobody with a strong reputation in PE or VC...

That's the thing - nobody with a strong reputation in PE or VC would want to join them, and it's difficult for another manager to take over all or part of their portfolio because each asset is in a different fund so you'd have to go one by one to roll them as a manager. Nobody would want to pay meaningful value for the management rights (and I suspect that investor consent might be required anyway which would be fiddly).

That's why I think their PE and VC portfolio will remain with them for now and assuming they don't do any new deals (which they're trying to do!) will essentially be in run-off for the next few years.