[foobarqux]

Besides the fact that Skype was an exceptional insider deal these numbers can be misleading ("twice over" for a 10 year fund is about 7% a year and IRRs are distorted when money is returned early because you are not getting that return for the remaining period of investment).

[IanCal]

Also, if we're looking at the 2009 onwards, the S&P500 has returned an average of 18%, a 2.28x return.

(2009 - 2013 figures from here: http://en.wikipedia.org/wiki/S%26P_500#Total_annual_returns)

[pbreit]

But insider deals are a key part of venture.

[foobarqux]

The point is a Skype-type no-shop deal is unlikely to be replicated.