[tpeng]

Institutional investors are some of the most conservative investors you will ever meet. They don't have much downside from losing money in a fund that looks "normal", and they don't have much upside in outperforming in a fund that looks "weird". They'll look past personality differences for a proven winner but a track record as short as 500 startups' can easily be attributed to luck (even if it is not). It's a principal-agent issue