Hey - when the median return of an investment in a VC portfolio is 0, that alpha has to come from somewhere.
And you know what? It's a valid strategy for those with the skill (or luck) to execute repeatedly. Sequoia earns their 3 and 30, or however much they charge.
All I'm saying is that when a company takes VC funding, the goal of the VCs can override the goals of earlier, individually less powerful investors (i.e. the angels). So while an early angel might be fine/thrilled with a 10x exit, the VC might not be because their risk/reward profile differs from the angel. Thus, when investing in companies intending to seek venture capital, one must be aware of the high payout, low odds bet into which they are entering.
Of course, there are ways to mitigate this like secondary market liquidity or institutional investors buying stock from earlier angels as part of a round. But the point still stands.
You're comparing apples to oranges since LPs are at least partly looking for assets with lower amount of correlation to these public markets that they're already exposed to
And also some of the individuals (angels) investing alongside the above institutions.