Is a VC Partnership Greater than the Sum of its Partners?

This paper investigates whether individual venture capitalists have
repeatable investment skill and to what extent their skill is
impacted by the VC firm where they work. The authors examines a unique
dataset that tracks the performance of individual venture capitalists'
investments across time and as they move between firms. The authors find
evidence of skill and exit style differences even among venture
partners investing at the same VC firm at the same time.

The study estimates suggest the partner's human capital is two
to five times more important than the VC firm's organizational
capital in explaining performance.