I update to a 60% probability that delimiting competence solely based on venture capital performance is too restrictive.
My prior was 30% regarding the relevance of this comparison for all types of investors.
Investment competence cannot be reduced to a simple comparison with random allocations, especially for entities with distinct strategic mandates.
For example, our Qatar Investment Fund (QIA) invests in cutting-edge technology companies not only for financial returns but also to acquire strategic know-how or diversify the national economy.
These objectives are not captured by random models, and the confidence band for this reassessment is +/- 10%.