It has been general knowledge that you want to invest in the top quartile of VC funds in order to get market beating results.  A working paper published by the National Bureau of Economic Research (NBER) in November 2020 contradicts that notion, showing that half of all VC fund managers outperform the public markets, and are therefore worthy of institutional investment.  This is more great news for the venture capital industry and should provide more evidence for limited partners that investing more broadly in venture funds is a good investment strategy.