VC investors say they’re already hearing about deals being renegotiated at lower valuations and even the withdrawal of term sheets. Later-stage companies are likely to be the hardest hit, they say, while some firms’ plans to go public could get put on hold for the foreseeable future. The Nasdaq Composite has fallen over 15% so far this year as fears of tighter policy have led to a rotation out of growth stocks into sectors that would benefit from higher rates, like financials. Some VCs are concerned we may be about to see a wave of ‘down rounds’ where start-ups raise funds at a valuation lower than in earlier rounds. Still, it’s not all doom, according to Ho-Dotussein Kanji- . . .