The data is damning. If you aren’t a top quartile VC fund, you’re destroying money for your LPs.

Moreover, the ability to be a consistently top quartile fund is unpredictable. I know so many people who accidentally stepped in shit in one fund or one company and have ZERO consistency across time or funds. Their numbers betray their narrative. Making money is hard and very very very few really know how to do it over decades.

Now I shall dunk on my erstwhile competitors:

Every fund I ran except Fund 1** (so 4 of 5) are currently top quartile on Net DPI to LPs per Cambridge Index, the gold standard in measurement. This was across varying fund sizes, varying strategies and, most importantly, varying teams.

**Fund I has a look through ownership to Bitcoin which should propel it into top quartile DPI at some point when I mark to market at which point I will be 5 for 5, or a perfect 100% batting average in creating too quartile returns over time, size, strategy and team.

No crying in the casino! Only excuses.