Yet 2013 annual industry performance data from Cambridge Associates shows that venture capital continues to underperform the S&P 500, NASDAQ and Russell 2000.” … “. LPs have created and perpetuate an industry of such structural economic misalignment that VCs can underperform and not only survive, but thrive.”
https://hbr.org/2014/08/venture-capitalists-get-paid-well-to-lose-money