[mlyang]

(Per above comment, I work at the VC that invested in Airwatch): Because Insight is a growth stage VC deploying a significant amount of capital with each investment (in AirWatch's case, it was 200M), it's aiming for virtually all hits (unlike an earlier stage VC that's aiming for 1 out of 10 of their portfolio co's to succeed wildly)-- which it almost always succeeds in achieving. This also means that it gets lower returns on its funds relative to an earlier stage VC. Given the growth stage focus, that's to be expected and its LPs prefer the reliable (and relatively substantial) upside given the fund sizes. AKA Insight's not dealing with 55%-100% losses on other investments.