LPs like to think that selecting top fund managers means a greater likelihood of blockbuster returns. And that conventional wisdom is especially prevalent in venture capital, where a few well-timed bets can yield truly incredible returns.
But new research from PitchBook suggests that in most cases, the ability to pick superior GPs may not generate any more alpha in venture capital than in buyouts, an asset class where the gap between the best and worst managers is narrower. READ MORE