The business model of VCs works, in part, because you can offload your radioactive equity to shmucks buying equities. The sales pitch with passive investing is

The business model of VCs works, in part, because you can offload your radioactive equity to shmucks buying equities. The sales pitch with passive investing is that it is an anti-decision...there are no anti-decisions. The only way to produce a savings system that works is to recognise that people are shmucks, people who index funds are also shmucks, and that you need a professional to manage those funds cost-effectively. Almost no individual investor should ever be making a decision about VC investing (why do you think so many VC firms have listed publicly now? You have to fish where the fish are). But this is the job of plan sponsors, there is no why reason why DB funds should be doing all this stuff (and it going pretty well...people think they are smart investing in passive funds, they aren't aware that DB funds are doing segregated account deals with active managers for LOWER fees than passive funds, most passive funds are high-fee in institutional terms) but no-one else can do it? Makes no sense (as long as individual investors are not making these decisions).