The ten-year drawdown fund structured as a limited partnership has dominated venture capital for over four decades. Yet something is shifting: evergreen funds, semi-liquid vehicles, and permanent-capital vehicles are growing at roughly twice the rate of traditional closed-end funds and now account for about one third of total private capital assets under management. Whether these vehicles address genuine structural shortcomings of the drawdown model or simply serve a different investor segment remains an open question in the academic literature. This thesis examines the inefficiencies of the drawdown model in venture capital and evaluates the extent to which permanent capital alternatives resolve, reframe, or displace them.