I think the author is struggling to explain his opinion. VC is an outliers domain, a few outliers will define the success of your fund or not. As a result as I

I think the author is struggling to explain his opinion. VC is an outliers domain, a few outliers will define the success of your fund or not. As a result as IRR is annualized, it can gives you the impression that you are successful even though you are not. But actually IRR is a good metric especially for funds that invest in a lot of deals per year, because you can see if a fund is consistently performing over the years.