True but if the pension fund has more than a fractionally small percentage of their fund in startups then they don't deserve to be pension fund managers. When an Australian pension fund joined one of Blekko's funding rounds the amount their manager was spreading around the valley seemed like a lot of dollars but was less than .1% of the funds under management. So losing all of it had very little material impact on the fund, but a really big unicorn might push the return on the fund up by 20 or 30 basis points.