It's not even about performance. This is based purely on anecdote but IME most of the startup acquisitions of the last decade of zero interest rates have been a

It's not even about performance. This is based purely on anecdote but IME most of the startup acquisitions of the last decade of zero interest rates have been acquihires. Top VC naturally make M&A contacts at companies acquiring startups which begets more M&A deal flow when those acquirers need more warm bodies, which leads to more press and positive feedback with market of entrepreneurs looking for funding. They get the best pick of the litter and when the company is facing the possibility of a down round or failure, they start shopping them around with their contacts. It doesn't make for the flashy 100x unicorn returns but it's been a consistent source of 5-10x returns especially for seed and Series A/B investments where the VCs are likely to get liquidation preference up to 100% of the acquisition.