The investors in VC funds are called Limited Partners (LPs), as opposed to General Partners (GPs). LPs raise money from high-net worth individuals (HNWIs), fun

The investors in VC funds are called Limited Partners (LPs), as opposed to General Partners (GPs). LPs raise money from high-net worth individuals (HNWIs), funds of funds, etc. Maybe what you read had some qualifier attached to it like across all VC funds "on average". With funds, the outliers are everything like with successful startups. Deal flow varies greatly by VC. A similar comment, and one that holds up, is that most startup accelerators have 0 "successful" exits. Brad Feld's book Venture Deals [1] is a great reference if you want to learn a bit more from multiple perspectives. [1]: https://www.amazon.com/Venture-Deals-Smarter-Lawyer-Capitalist/dp/1119259754/ https://www.amazon.com/Venture-Deals-Smarter-Lawyer-Capitali...