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Just 3% of venture capital deals account for nearly half of the industry’s total returns.(1) That fact alone should change how advisors view the asset class. It reflects a power-law distribution, where a small number of investments drive an outsized share of results. Demand for venture exposure remains high, especially as AI-related investing attracts more capital. But in venture, how advisors allocate matters more than whether they allocate at all. Fund size, stage focus, ownership economics, and manager selection all help determine whether a portfolio captures a few exceptional winners or simply spreads exposure across average outcomes.