There is one other factor. Reputation. Imagine being at a poker table where the dealer preferentially deals aces to one player. That's exactly what happens in v

There is one other factor. Reputation. Imagine being at a poker table where the dealer preferentially deals aces to one player. That's exactly what happens in venture capital, and it's the only asset class where the asset chooses the investor and it's why top funds tend to stay as top funds.