I was more referencing the tweet which looked at the performance of a particular vintage of those funds: https://mobile.twitter.com/zavaindar/status/1159660549615116... none of which reached $1 billion vs the largest funds on the second page https://mobile.twitter.com/zavaindar/status/1159660549615116...
I look forward to seeing how the newer larger biotech funds do/seeing more recent data during a time where public tech outperformed rest of public market.
Biotech funds are "specialist" but they aren't really small. Biopharma is a top 5 subsector of VC (by some estimates it is the 2nd biggest sector after software) and the largest sector by far of healthcare VC, with $17B+ invested in 2018. Orbimed manages $10B+ (though some of that is public equity). Flagship manages many billions (latest fund was $800M+). Foresite manages over $2B, last fund was $668M. Many other examples
I mentioned i was writing a longer post on the topic, that chart is a snapshot. If you invested in biotech VC as a basket recently it would outperform tech [0]. There's more recent data as well but i dont have the link offhand
[0] https://lifescivc.com/2016/11/biotech-venture-capital-mythbu...