Venture capital (VC) has been a fascinating industry to observe. It has delivered the best returns of any asset class over the last 30 years, but also has the highest dispersion of returns. The success of VC is one of the building blocks of the endowment model, which takes on illiquidity for higher returns. The investment success of the Yale endowment has been driven in large part by its bet on VC. Being in the asset class has made sense if you are invested in top-decile funds, where returns have been outstanding. If you are not in
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