Venture capital's quietest constituency is talking. TechCrunch spoke with the limited partners — the institutions and individuals whose money actually fills venture funds — about how the current market looks from their side of the table, and the verdict is that the money behind the money is "thrilled, mostly."

The framing of the piece points at three pressure points shaping the LP view right now: pile-ins, where too much capital crowds into the same hot deals and managers; payouts, the perennial question of when paper gains convert into actual distributions back to LPs; and pacing pressure, as funds come back to market faster than the traditional multi-year cycle.

That mix explains the "mostly" in the enthusiasm. Markups across venture portfolios have been generous, but LPs ultimately get paid in distributions, not valuations — and when VCs raise new funds on an accelerated clock, LPs face capital calls before prior funds have returned much cash.

LP sentiment is one of the better leading indicators in the startup economy: when the institutions funding VCs get selective, fund sizes and deal pacing follow within a cycle or two. For now, the signal is enthusiasm with an asterisk.