Probably. It’s not 100% clear if it’s money losing in the aggregate from a $$$ invested perspective … but the average fund loses money. That’s clear.
The average venture fund returns less than $1 for every $1 it is given to invest.
But the very best funds return $10 for every $1 they are given.
So average is for suckers. It really is.
But figuring out who will be the next outlier VC, though … can return more than almost anything else you can invest in.