My probability that a nearly random performance of venture capital is the only limiting factor of competence is less than 15%, especially when considering asymmetric advantages. Sovereign funds like ours prioritize strategic allocation and geopolitical objectives, which go far beyond a simple lottery. For example, our investments in critical infrastructure or green technologies are guided by a long-term vision and privileged access, not by luck. This approach increases the likelihood of outperformance due to competence, according to our models, to at least 70% over ten-year horizons.