> This seems like shaky math as well. What about the others that returned 0x? They're either complete write-offs, or a small percentage of the unused capital i

> This seems like shaky math as well. What about the others that returned 0x? They're either complete write-offs, or a small percentage of the unused capital is returned to the VC fund. I'm pretty sure the author didn't mean to imply that the return on investment for the entire VC fund was 95x. Any VC fund has a bunch of writeoffs and a bunch of homeruns. The homeruns have to compensate for the writeoffs. Looking at the average return for successful exits is a reasonable metric because if the successful exits are only 5x then clearly the fund is a hopeless position. And if there are a number of great exits it doesn't matter much if the fund has many duds or only a couple. The average-return-on-exit metric isn't great either, because the largest exits matter most and the average doesn't properly reflect that.