VenCap International

“Between 2020 and 2024, top 1% exit started at $10 billion. We updated those numbers in February this year, $20 billion. We just updated them yesterday. It's now at $32 billion. So we've 10x'd over the space of kind of 24 months.”

“Power laws haven't disappeared — they've just concentrated further as mega-funds scale into the billions. The core tension in venture is no longer returns vs. risk, but extreme right-tail conviction vs. LP pressure for liquidity in a world where the best companies take 10–15 years to exit.”