I disagree with the conclusion that the return distribution is bimodal. My own analysis* is that it is instead lognormal. This shape makes sense to me - a log

I disagree with the conclusion that the return distribution is bimodal. My own analysis* is that it is instead lognormal. This shape makes sense to me - a lognormal distribution is the result of the product of random variables (whereas a normal dist is the sum of randomly distributed variables). The success factors in a startup tend to be multiplicative, not additive (e.g. great market, great product, customer adoption, great strategic partners, etc). * based on observed portfolio performance which is unfortunately not public information, but also on published data from mckinsey