Is Venture Capital a Form of Private Equity, Or Vice Versa?

The Private Equiteer submits:

A recent reader asked, why do I keep differentiating between private equity and venture capital, especially if venture capital is just a form of private equity. Well, in the strict sense, venture capital is private and it is often structured as equity, ergo, venture capital is private equity. (With that same definition, a $100 investment into a friend’s lemonade stall may also qualify as private equity.)

However, when I refer to private equity, Source: Seeking Alpha RSS Feed