The Silicon Valley Venture Capital Confidence Index is a quarterly survey of venture capitalists in Silicon Valley and the San Francisco Bay Area produced by researchers at the University of San Francisco.

The latest report says, “An improved exit environment is increasing liquidity opportunities for venture firms and providing better returns to limited partners …. Further, disruptive market opportunities are being exploited by venture-backed firms, making them attractive acquisition targets by corporations who may have cut their R&D budgets … and are now flush with cash.”

Still, writes USF professor Mark Cannice, there’s an obvious shift happening in the VC world. Capital is being concentrated among a shrinking number of high-visibility firms. Cannice says, “This trend may lead to less risky investments, a higher hurdle for less experienced entrepreneurs, and fewer game-changing technologies in the long term.”

Cannice’s report also includes a full list of the VCs he surveyed. Separately, he also prepared a report on Chinese investors. No surprise, they’re more confident than Sand Hill Road right now.