Here's the thing about start-up prices: They go up ... and down.
Dropbox and Snapchat have made headlines of late because money managers have marked down their positions, calling into question the lofty valuations. Others experiencing some price sobriety include Jawbone, DocuSign, Datastax, Turn and Bloom Energy.
Stock market volatility, macroeconomic concerns in China and a continued lack of IPOs are forcing adjustments by portfolio managers, who have to value illiquid investments based on imperfect information.
But as with any asset class, value moves in both directions. Fund managers are still marking up plenty of their richly valued start-ups, including Uber, Airbnb, Palantir, Lyft, Spotify, SpaceX, CloudFlare and India's Flipkart, according to recent filings.