If you are referring to the whole of PE as an asset class (and comparing funds raised and AUM), then saying that crowd funding has made anything other than the tiniest pin prick by way of impact just doesn't stack up.

If you are talking about venture capital as a sub-set of PE then, sure, people are taking notice; but in terms of possible disruption only at the lower end of the cap table. Amongst the bigger funds investing say £1m+ at series A and beyond I don't think there has been much of an impact.

Even at the lower end, crowd funding has a way to go in order to persuade many sophisticated founders (that can see beyond a better initial valuation) that it is a better bet (in terms of driving a company to scale and exit) than professionally managed funds from a good VC with a roller-deck of stellar contacts.

The volume of deals on the crowd funding platforms is increasing and is interesting to look at, but how many companies have been picked up by a platform and then driven through the rounds all the way to exit?  How much of that volume is there due to an over-supply of capital right now?

The platforms remain a good place to go for lifestyle or 'product' businesses that will probably not need to go through rounds of venture funding or will be able to get hold of bank funding in due course. For ambitious and disruptive high tech businesses, the jury is out for me on crowd funding as a preferred option for venture capital.