We keep hearing about YC network effect, but are we sure it is significant? In France, there is a fund which is also doing seed index investing [1] they invest

We keep hearing about YC network effect, but are we sure it is significant? In France, there is a fund which is also doing seed index investing [1] they invest in 100 companies a year. But they are not an accelerator, just a fund, and they consistently get good IRR [2]. And they are as much known in the French ecosystem than YC is known in the American ecosystem. Does anyone have an example of a seed index investing fund that failed ? [1] https://www.kimaventures.com/ https://www.kimaventures.com/ [2] https://twitter.com/2lr/status/1479042875019173889 https://twitter.com/2lr/status/1479042875019173889