[mblevin]

The edge case of a VC launching a company themselves is so rare that we're talking about a single instance of when it happened.

Let's not forget every day some entrepreneur goes in to pitch an idea, and a VC picks up the phone and calls a portfolio company and says "hey I have an idea for you."

"VCs will steal your idea and launch it themselves" is not a real risk, especially relative to existing risks.

The issue of VCs launching their own ideas is purely between them and their LPs - if CALPERS is ok with it, then there's no issue.

[eridius]

To nitpick: the blog post was triggered by a single instance of it happening, but while he doesn't go into specifics, he says that all the top tier firms are doing it, which obviously means there's a bunch of instances of this. And one of the common criticisms he got was "everybody's doing it", which suggests it's even more widespread than that.