Venture Capital (VC) funds the startups that are too young and too risky for bank debt, trading cash for equity across the seed, early, and growth stages. The return profile is brutally skewed: most startups fail outright, a handful are merely fine, and the whole result rides on the rare company that returns many multiples of the fund — the Ubers and SpaceXes every pitch deck is built around. For the investor that makes VC a power-law bet, not a diversified one, and the fee economics that govern private equity apply here too, with even less transparency.