Venture capital (VC) is the asset class of equity investment in early- and growth-stage private companies, organized through 10-year limited partnership funds. Institutional limited partners (pension funds, endowments, sovereign wealth funds, family offices, fund-of-funds) commit capital to general partners (the VC firm itself) who deploy that capital into startups expected to produce power-law returns. It is distinguished from private equity by stage focus (earlier, higher risk, equity rather than leverage) and from angel investing by institutional scale and structure. It is the most-recognized category of [Startup Investment] and the funding model that produced Apple, Amazon, Google, Facebook, Stripe, OpenAI, and most of t...