I think that it comes down to people. To become a C level executive or board member at a S&P company, presumably you've undergone a reasonably level of public s

I think that it comes down to people. To become a C level executive or board member at a S&P company, presumably you've undergone a reasonably level of public scrutiny and shown the courage that Ben Horowitz sometimes references when talking about start up leadership, it takes to make the right and difficult decisions that benefit the business. Not every board member or executive, but the majority. The companies in the fund of funds, presumably don't have the same "blue chip" ratings of the S&P companies and their management may still be undergoing their personal tests of courage. In the end, in the absence of a extremely hot market - which could be a good or bad thing given the experience level of senior leadership, it's probably a better bet to go with the tried and true.