> I wonder what this would do to the startup landscape in the long term though. Will this make startups look more like big incumbents more than a sprawling landscape?

I think it will support the trend for later stage startups to stay private and raise capital through the private rather than public markets. A $100B fund is unlikely to be a player in seed and early stage deals. There the existing seed-stage and VC ecosystem will likely remain dominant. If you're just starting out, it's not obvious to me that monster funds like these will affect your life very much.