You’re basing your calculation on a fund that has a 10% rate of ‘finding’ a unicorn while in fact the truth is that you’ll be lucky if you’ll maintain a >1% rate of finding a unicorn.

That also means that you need to increase the size of your portfolio if you really want to have a chance to stumble upon a unicorn — since most traditional VC will have a portfolio of less than 50 companies — meaning that having a unicorn in your portfolio is binary (1% of 50 companies = 0.5). What it really means is that most traditional VCs are just gambling with LPs money :)