The math's a bit off since they don't completely reinvest every dollar they earn back into VC.. So if they put $100 in year one, and get $193 in year two, their

The math's a bit off since they don't completely reinvest every dollar they earn back into VC.. So if they put $100 in year one, and get $193 in year two, their investment in year two might also be $100.. Their endowment will mandate a certain asset allocation (that's been moving more towards VC recently as shown in the article) which prevents them from just completely reinvesting their returns upon disbursement.