Hot take: Venture capital is a vanity asset class. Most that allocate tend to do it to belong (access to exclusivity). Almost as if they’re paying to enter a members club or use it as a flex at a dinner conversation (“I got in on palantir at $1B” if they’re extremely lucky) Not with the intention of outperformance. Ironically, it underperforms several other asset classes drastically (even in averages).