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If you set aside the fact that high quality decision making gets orders of magnitude harder to achieve when you look across all publics and privates, the org structure/culture challenge is probably the primary reason IMO
*ignoring culture for a second* it seems there is an absolute flood of soon-to-be-GP talent on the market in the last year that could easily import whatever proprietary knowledge is needed. This combined w/ a 100m slush venture fund out of a 50b+ total fund size is 
Because $100m in low quality venture deals that won’t have the possibility of being liquid for a long time isn’t interesting enough for a $50b fund to put large teams of analysts on those projects
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