Hedge funds doing private/VC investments is a 'death nail' — few can do both well
Historical pattern over 50 years shows hedge funds that add private/VC sleeves (like Tiger, SoftBank in 2021, and now Situational Awareness) typically fail because the skill sets, time horizons, and liquidity profiles are incompatible; Leopold's large illiquid Anthropic position became an anchor preventing portfolio adjustment during the liquidity crisis.