The VC industry, like many others, follows the power law. The top ~5-10 firms(Benchmark, Sequoia, A16Z etc)  will realise 95%+ of the returns for the entire industry. 
If &#x27;they&#x27;don&#x27;t at least return the fund, and just coast on management fees, &#x27;they&#x27; will never be able to raise another one.