> which is to a large degree pension money.
Then take this up with your local government then. There is a quantitative risk versus reward they take, and you should be glad that they take this bet. FYI - their portfolio mix for VC assets is usually like less than 5~10%. If a GP makes one bad bet, they hardly feel this.
> Not sure how much VCs coinvest in their own funds but I'm willing to bet most of their retirement funds are not in VC investments.
(1) most co-invest (2) no one in their right mind would put all of their assets in one VC fund. (3) if you're a partner a firm like Sequioa, you likely have a family office setup, which would follow a similar model to that of a pension fund.
