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Well VC is a very small part of the asset management industry and you are correct that that's not really the area I was referring to.

The bulk of asset management is in listed equities and government/corporate bonds and this is what I was primarily referring to.

VCs don't exist because it's the most profitable way to use that money. VCs exist because certain people think it's a fun game to play.

But VC's are investing in very high risk investments not the sort of mature companies that big generalist funds/trusts invest in.