Your analysis is good WRT "VC has been, and will continue to be, an underperforming asset class" as an isolated group. However, it is relevant to consider as a class, they're competing against large corporations, the home of Dilbert and TPS reports... Beating them as a class should be fairly easy.

Like the story about two guys running from the bear, you don't have to run faster than the bear, you just need to run faster than the other guy, and Dilbert doesn't exactly have an ultra-marathoners physique.