I wonder about how much of the MOIC is driven by follow-on funding. Figure 4 indicates most of the value created came from early stage investing, but it indicates that that's the "initial" deal stage. So it may well be that most of the deals were really 25x+ MOIC deals at early stage - but the net fund MOIC for most investors was lower because they did extremely strong follow on rounds when they identified the company as a winner. If that's the case, the implied message about "VC investing is NOT a power-law" may be misleading.