[robocat]

Only 5% of modern VC funds make enough to cover investor risk: https://techcrunch.com/2017/06/01/the-meeting-that-showed-me... 50% don’t even make their money back (figure is much worse when you adjust for overheads and depreciation).

Assuming that VCs are successful just because they have money is selection bias, because you mostly only hear about the successful VC funds.

Aside: VCs partners themselves can make money even if their fund doesn’t due to the 2% management fees of a normal 2+20 fund structure.