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Venture investing is about portfolio construction, not unicorn hunting.
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Emerging fund managers outperform but are hardest for LPs to utilize.
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A well constructed venture portfolio functions as a long-duration call option on future GDP.

They have growth rates ~50% higher than total private sector.
Their employment growth is ~8x higher than the average private co.
VC backed companies employ 11% private sector workforce.
Today their revenue = 21% U.S. GDP
VC investment has been 0.1-0.2% of GDP for 50 years.
1970s
Today
Venture Capital as a Percentage of US GDP
The best opportunities originate from the highest quality relationships.
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