I would say culture and sometimes intentional and sometimes unintentional collusion. Investments are made in other industries all the time and the percentage o

I would say culture and sometimes intentional and sometimes unintentional collusion. Investments are made in other industries all the time and the percentage owned after an investment can vary dramatically, from fractions of a percent to majority ownership. What makes VC investments so special that its own nature would result in settling upon a nice conveniently round number like 20%? Plus, the 20% isn't fixed in stone. It's an asymptote. It's not unusual for it to range as high as 30 to 35%. I'd love to see a graph like the one in the IPO study. I'm sure it would be very illustrative of collusion.