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If the entrepreneurs, venture partners and investors are fine with it then who are we to argue?

The article addresses that point directly.

Investors (specifically LPs) might not know that it's happening.

The entrepreneurs who are fine with it are likely, for the most part, the ones who actually get funded.

Well sure but nobody is owed a chance to get venture funding from a particular fund. We are really stretching to find victims here, no?

No.