

VC Fund Performance - Some History - luccastera
http://avc.blogs.com/a_vc/2007/11/vc-fund-perform.html

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danteembermage
"The very best funds of every vintage generally pay out at least 5x and
sometimes more than 10x.

Like all asset classes, venture is all about manager selection and timing."

The very best craps players can earn 2x, 4x, 8x, even 16x invested capital in
one afternoon riding the pass line.

Like all games of chance, craps is all about dice selection and timing ;)

Of course venture investing is more than just dumb luck. However, even if you
could do an amazing job identifying future 10x'ers ex ante, chances are so can
the other funds, bidding your 10x down to 3x. What's left is probably
compensation for the high variance of returns, which the graph nicely
displays.

