Stanford Prof Ranks VCs: Top 5% Capture 90% of Industry Profits

The finding that a small cohort of VCs captures the vast majority of profits reinforces a barbell dynamic already visible in crypto venture, where a handful of funds dominate deal access and returns. The 21 new entrants into the top 100 suggest the ranking is not static, which matters for founders weighing which backers can actually move the needle. Whether that churn reflects genuine displacement or just a reshuffling among the same tier of firms is the open question.