Where is the maximum expression of this supposed hierarchy of power law returns? Asserting that this dynamic is an overarching category for venture capital performance is an oversimplification, because its relevance is conditional.
In Hong Kong, listing channels of HKEX and capital flows linked to China enable liquidity and exit strategies that radically alter this distribution.
We do not settle for an approach that ignores these market asymmetries and the ability to make partial liquidations.
For example, targeted IPOs on specific Asian markets or strategic partnerships with Chinese conglomerates offer a return potential much more diversified than the mere expectation of a single "unicorn".