If that were the case, VCs should accept more companies-with-women, which would change the TOTAL mix of accepted candidates so that the women no longer overperf

If that were the case, VCs should accept more companies-with-women, which would change the TOTAL mix of accepted candidates so that the women no longer overperformed. The issue, interestingly, is that there are a lot of women (or biased-against group) between the median performance and 160% performance who are being rejected. In other words, only the best women can get accepted, which means that above-median (but not superstars) are getting rejected, while many more above-median men are getting accepted. This has the ring of truth to me (as pg says, it's the definition of bias).