[dmritard96]

lots of literature is available on this (granted, not always clear what their source of info is).

In general, many funds at that stage are playing the unicorn game (and many raising 100M are already a unicorn or at least not too far away). Unicorn economics is basically, 1/10 will hit >1B in value while X% will be mediocre outcomes and Y% will fail. The 1 unicorn will return the fund generally speaking, after accounting for X, Y, opportunity costs (this is high given the strength of the markets lately) and interest.