Most of the funds, even the big ones, trail the overall market, and even the successful ones have difficulty maintaining a long track record of success. The re

Most of the funds, even the big ones, trail the overall market, and even the successful ones have difficulty maintaining a long track record of success. The reason for the big pension funds and endowments to invest in VC is that it’s a bit counter cyclical. Also it’s a tiny pimple on the side of the PE sector overall. You can see how marginal it is in the financial sector by going to an LP meeting — the big institutionals send kids — first year analysts — to attend because it isn’t that important.