Well put and I have also witnessed the same patterns at GP/LP meetings.
Ironically, Calpers' excuse for their poor returns is that the "top tier" VCs (such as Sequoia) now exclude them due to their public reporting requirements, and therefore they are forced to deploy to tier 2 managers.
Ironically, Calpers' excuse for their poor returns is that the "top tier" VCs (such as Sequoia) now exclude them due to their public reporting requirements, and therefore they are forced to deploy to tier 2 managers.