Besides being only a single data point the returns for one $300M fund aren't a good indicator of the returns for 2-3 concurrent $1+ billion dollar funds.

I concur...that's why I said: "only from the first fund" and "I would anticipate there would be diminishing returns over time as the "bets are spread" if you will".

That being said it is counter to your statement "Sure, but they still aren't abnormally outsized, probably even before adjusting for risk." That particular data point is quite higher than both the median and the means of VC returns that I've seen (and would probably lend more credence towards DaniFong's statement). I look forward to seeing how their other funds progress so that we have more data points.

note: edited in a paren that was missing.