Dry up? I don't think so. You'd see a change in the level of risk aversion (so doing more deals in companies that have been de-risked more) and probably quite a lot of consolidation where the massive increase in the sheer number of small & mid-tier players would contract significantly. In terms of timeline? No idea. Hopefully sometime after we need to raise our next round of financing. ;-)

Isn't that exactly what 'VC money drying up' looks like practically? What am I missing?