Comment by kevinmchugh

VCs get their money from lots of sources, an article I read last year said in one year they received 30% of their funds from pensions[0]. I no longer have access to that article, but I do recall university endowments having a reportable percentage of the pie as well.

Assuming there was some way of defining an index, and there was enough liquidity to make it trackable by a fund, which are major problems for private companies:

By what definition of startup do 2/10 of them get acquired or achieve an IPO?

How would such a fund be more efficient for pensions and endowments than investing in VCs now?

Also, I think this fund would be a disfavored source of funds for founders. The big VC firms are successful in large part because they have access to the best investing options. Securing them as an investor opens doors for future rounds and for prestigious opportunities.

[0] https://news.ycombinator.com/item?id=12515731