StepStone argues that venture capital is evolving beyond just access to elite firms—manager selection now plays a crucial role amid the industry’s explosive growth and proliferation of new funds. The report emphasizes skill in due diligence and diversification across manager types over relying solely on access to blue-chip names.

This paper highlights the importance of manager selection within venture capital. The chart below shows the dispersion of performance between and across quartiles relative to other asset classes.