The meltdown of the public equity and real estate markets in the U.S. has profoundly changed the economic landscape. The good news of the change in U.S. administration notwithstanding, it appears that we are heading into a serious recession. A pertinent question for us at Renewal in these circumstances is whether now is the time for a new fund? Our answer is a resounding “yes” for a number of reasons. From an entrepreneurs’ viewpoint, our funding for their early stage companies is more important than ever.