You said "late stage and secondary markets is drying up." You need actual data (even if it is a few months old) to back that up.
What actually happened in the case of Facebook is that the price was run up so high on the secondary markets that the public markets missed out. That's not the same thing as drying up. It could lead to that in the future but I think it's still premature to say it is happening now (especially with no data).
You said "late stage and secondary markets is drying up." You need actual data (even if it is a few months old) to back that up.
What actually happened in the case of Facebook is that the price was run up so high on the secondary markets that the public markets missed out. That's not the same thing as drying up. It could lead to that in the future but I think it's still premature to say it is happening now (especially with no data).