It’s a dreary time for Bay Area venture capitalists. Investments are slowing and exits are stalled. Venture capitalists don’t expect the I.P.O. drought to ease until 2010, according to a new survey of dealmakers by audit, tax and advisory firm KPMG. Only 9 percent of those surveyed think I.P.O. activity will pick up next year and 12 percent predict it will never again reach historic levels….
