Ed Suh(@edsuh):Imagine the VC industry consists of 2 funds: one is $99.9B, the other is $100M. Let's say after 10 years, the first fund is worth $105B. The second is worth $500M. The first fund has generated 93% of the industry's profits. But no rational person would rather be an investor in the first fund than the second fund.

2026.09.12 18:38

Imagine the VC industry consists of 2 funds: one is $99.9B, the other is $100M. Let's say after 10 years, the first fund is worth $105B. The second is worth $500M. The first fund has generated 93% of the industry's profits. But no rational person would rather be an investor in the first fund than the second fund.

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