To make it more concrete with one example: if you're a partner at a seed fund, you're partly betting on a founder's ability to raise funds downstream from A, B,

To make it more concrete with one example: if you're a partner at a seed fund, you're partly betting on a founder's ability to raise funds downstream from A, B, ... round investors. If those investors are biased, it will make investments in female founders underperform male founders. Issues like this as well as the very long feedback cycle for VC is what makes change in the industry so hard.