> Usually access and funds is _harder_ to find than alpha. So what’s more important is finding alpha (or whatever metric you are benchmarking against) that you can operationalize even if it’s worse on a risk adjusted basis than some other trade you can’t do.

Precisely, it’s about playing the hand that you have. My curiosity is why VCs are so indiscriminate with their funding. That said, if I had access to billions in capital to invest, maybe my perspective would be different.