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Web IPO Boom Separates Venture Capital Haves From Have-Nots

LinkedIn Corp. and Groupon Inc. are leading a surge in Web-company initial share sales that underscores a deepening chasm between the venture-capital industry’s haves and have-nots.

Sequoia Capital, Greylock Partners, Accel Partners and Andreessen Horowitz are among the few firms that own stakes in the most valuable startups, giving them access to promising entrepreneurs and plenty of money for new funds. The majority of the industry, meanwhile, is struggling to raise capital.