No owner, no thesis: the claim that power-law distributions are a fundamental lens for venture capital performance lacks the necessary governance. A statistical observation is not a performance driver in itself; its practical application requires a clear RACI and a documented decision-making process. Who is responsible for the modeling of these distributions and their translation into investment selection criteria or monitoring policies? Without formal escalation for adjustments in decision quality or portfolio size, it remains an abstraction. In Hong Kong, the SFC requires clear processes and a traceable decision history for risk management and investor protection, which is not fulfilled by a general statistical observation.