The article isn't talking about the fact that most VCs don't make returns. It tries to analyze the reason this is happening. According to the article, that the

The article isn't talking about the fact that most VCs don't make returns. It tries to analyze the reason this is happening. According to the article, that the reason is misaligned incentives - the VCs get lots of money when they raise lots of money, regardless of whether they get a return on their investment.