“According to the consultancy PwC, investors, ranging from sovereign wealth funds to rich families to the middle class and pension funds, held assets totalling about $279 trillion in 2020. Of these, $111 trillion were “assets under management”, that is, under the purview of the asset management industry, of which venture capital is a part. That is trillion with a TR: the four commas club.
By contrast, total venture capital assets under management run somewhere between one and two trillion bucks. Yes, despite last year’s record-breaking investment rates, which exceeded $693 billion, according to our friends at Dealroom, venture capital represents less than 1% of global assets.
Venture capital is so teeny-tiny in the scheme of things that it is often bundled with “private equity”, a completely different type of strategy.”
Source: Azeem Azhar.
First princples 