Pension funds provide more capital to top-performing VCs than any other LP class. They alone account for 37% of combined power-law score — more than corporates, foundations, and fund-of-funds combined in terms of what they back at the frontier.
⚖Pension funds and fund-of-funds together channel 52% of all LP-power-law capital into VC. Corporates have the most LP entities (2,807) but make smaller individual commitments.