You’re right. It is true that top quality LPs tend to be universities, foundations, and pension funds. And with a funds USV’s size it’s pretty easy to only fill it with those good guys. I was surprised they had any family offices.

Before the global growth fund, Sequoia claimed that all of their LPs were not-for-profits (although excluding pensions funds is usually for transparency reasons).

Having said that, I don’t think that every top quartile fund could make the same claim even if USV, Sequioa, and Benchmark could...