One early-stage fund manager managed to turn a $75 million venture vehicle (launched in 2013) into nearly $4 billion in LP returns—delivering a stunning 40X net return in under a decade. That's the kind of track record that separates elite capital allocators from the rest. To put it in perspective, the QQQ delivered 4X over that same window. The gap tells you everything about what separates exceptional venture investing from riding the broader market wave. Getting those kinds of multiples requires the right thesis, timing, and ruthless capital discipline—that's the real art of venture capital.