Pushing for the summit: the assertion that power law returns dictate the ultimate performance of venture capital reverses causality.
It is decision quality and aggressive pursuit of maximum ROI that generate these asymmetric distributions, not the other way around.
In Hong Kong, the ability to identify opportunities through Greater China networks and to structure optimized exits is what unlocks such asymmetry.
Without this active pursuit of the upper bound and rigorous management of local market conditions, the power law remains an abstraction without effective leverage, as demonstrated by the difficulty some funds face in replicating performance without privileged access to exceptional transactions.