Thanks for pointing out that interesting, and relevant, data (upvoted). The problem with looking at negative median returns since 1999 is that from 1999-2002 t

Thanks for pointing out that interesting, and relevant, data (upvoted). The problem with looking at negative median returns since 1999 is that from 1999-2002 this is just picking up the bubble, and as you point out many funds from vintage years 2003-present are very much still in business, so a current negative return for these vintages is not particularly meaningful. Unless the authors have some methodology I'm not aware of to deal with the fact that venture funds often don't carry companies at anywhere close to their current value. Finally, even if (B) were true, there's a huge difference between "Most venture funds lose money" and "Most venture funds currently open have lost money." While the first would make me worry about the business model, the second wouldn't.