Pfeffer argues venture capital on average underperforms buyouts or loses money.
John Pfeffer · John Pfeffer - Crypto for Institutions (Capital Allocators, EP.54) · May 28, 2018 · at 17:29
Investor John Pfeffer discusses the difficulty of manager selection and return dispersion in venture capital relative to buyout funds.
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“So I figure that, I think that probably the asset class is somewhere between, on average, money losing to simply underperforming relative to, say, buyouts or whatever, as an asset class.”
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