Venture Capital Funds performance

"We have met the enemy... and he is us"

Venture capital (VC) has delivered poor returns for more than a decade. VC returns
haven’t significantly outperformed the public market since the late 1990s, and, since
1997, less cash has been returned to investors than has been invested in VC.

Lessons from 20 years of the Kauffman Foundation's investments in venture capital funds.