Venture Capital's New Adventure - WSJ.com

" Like Mr. Lanza, other venture capitalists have broadened their roles beyond investing in and nurturing start-up businesses. They more often find themselves handling spinouts -- or buying units of publicly traded companies -- as well as so-called rollups and buyouts, and generally engaging in more-complex financial transactions.
In other words, they have stepped into the realm of private equity, now one of the finance world's hottest arenas. The change could make investing in venture-capital funds more risky."