The most common way I've heard the term used is to mean correlation to "the market", meaning "the set of things that you can invest in". A high beta asset goes

The most common way I've heard the term used is to mean correlation to "the market", meaning "the set of things that you can invest in". A high beta asset goes up more than everything else when "markets" do well, and a low beta asset less so. It is common in a multi-asset-class trading environment to make a grab for beta when the belief is that the short term trend for markets is good. Like when there is unexpected positive news flow about the global economy. "Buy some beta!" My guess is that VC returns are dominated by IPO exits, and IPO exits need institutional and retail demand for equities, which tends to happen in up markets. To the extent that VC returns are directional with the state of capital markets broadly, it seems like calling it a high-beta strategy is reasonable.