How much of this has to do with LPs? From my cursory knowledge of EU VCs, they seem to managing much of their own capital, rather rather than investing on behal

How much of this has to do with LPs? From my cursory knowledge of EU VCs, they seem to managing much of their own capital, rather rather than investing on behalf of a large, driverse group of institutions and high-net-worth people. With the US based VCs (which probably have global LPs), they are looking for not just good returns, but also investments which maximize the efficient frontier of their portfolio. They explicitly are looking for non-correlated positive returns. Without LPs with that kind of mindset, I got to imagine the VCs would be much more risk-adverse.