Mark,
Very insightful article and I generally agree with everything that you wrote. My only quibble is that I think it is a mistake to include hedge funds in this group. While they are "alternative investments" they generally invest in liquid, public instruments and they do mark their portfolios to market. They also don't generally utilize the levels of leverage that are seen in PE and VC funds and have not had the huge inflows of investor capital over the past 10 years. Bottom line, I don't think hedge funds are "in a bubble" or facing the severe pricing/liquidity issues that are present in the PE and VC markets.
Best
Chris