History rhymes here, the postulate that venture capital performance decisively defines the discussion on skill versus luck is too absolute.
The manual of investing has always shown that sovereign fund strategies are motivated by much more than just direct financial returns.
We have historically seen investments in sectors like technology or infrastructure that, at first glance, might seem inferior to random returns, but serve crucial national strategic objectives, such as access to key technologies or economic diversification.
These strategic motivations are not captured by a purely financial analysis comparing to random benchmarks, and ignoring them underestimates the true scope of sovereign investment.
For example, our acquisition of a stake in a global leader in semiconductors aimed to secure access to essential production capacities, well beyond stock market performance.