[PeterisP]

It's not their private capital - most VCs are investing the funds of 'limited partners' such as pension funds, university endowments, etc. So in essence VCs are gatekeepers which make decisions regarding startups who will or wil not get access to someone else's money.

[lightgreen]

Pension funds are not allowed to invest in VC.

But anyway, it does not change the fact that it’s not public money, it’s money belonging to someone and that someone trusted VC to make decisions be motivated by capital gain not by social justice and fairness.