The white/black money thing is not in vc land but is super common in "strategy" focused hedge and even mutual funds. You "incubate" 10 funds with very small ass

The white/black money thing is not in vc land but is super common in "strategy" focused hedge and even mutual funds. You "incubate" 10 funds with very small assets and then after a few years pick the best one and trot it out to the market and pitch it based on its true but misleading performance. It's p-hacking for funds. For various reasons this particular shenanigan doesn't happen in venture, though. (hint: it's super easy to scale down a public markets strategy to micro or pilot scale of say 1/10,000)