I wonder about how much of the MOIC is driven by follow-on funding.  Figure 4 indicates most of the value created came from early stage investing, but it indicates that that&#x27;s the &quot;initial&quot; deal stage.  So it may well be that most of the deals were really 25x+ MOIC deals at early stage - but the net fund MOIC for most investors was lower because they did extremely strong follow on rounds when they identified the company as a winner.   If that&#x27;s the case, the implied message about &quot;VC investing is NOT a power-law&quot; may be misleading.