yeah it's not like VC world is full of idiots, most of those guys tend to be smart.
From what I've seen, the top funds (at least the smaller ones) are 75+% smart people (at partner level; I never met enough associates/principals to evaluate them); there are entire bad funds full of mainly dumb people from the top down.
This is kind of different from operating entities, where even stupid-dominated organizations often have some great people hiding out, or even entire great teams.