You're using statistics in a misleading way. Total VC investments in 2014: $40 billion 300 largest pension funds control: $12.7 trillion Total annual VC inv

You're using statistics in a misleading way. Total VC investments in 2014: $40 billion 300 largest pension funds control: $12.7 trillion Total annual VC investment is 0.003% of pension fund value. That doesn't even include insurance companies and other smaller pension funds. It doesn't mean anything when you say half of VC funds come from pension funds. It's still a miniscule amount when looking at the total value of pension funds.