"Limited Partners invest too much in underperforming VC  funds on mis-aligned terms." #readingToday  

_The Kauffman Foundation investment team analyzed our twenty-year history of venture investing experience in nearly 100 VC funds with some of the most notable and exclusive partnership "brands" and concluded that the Limited Partner (LP) investment model is broken. Limited Partners—foundations, endowments, and state pension 
fund—invest too much capital in underperforming venture capital funds on frequently mis-aligned terms. Our research suggests that investors like us succumb time and  again to narrative fallacies, a well-studied behavioral finance bias._