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Seriously, they should just become real estate investors. They get paid in all the funds funneled into startups, and the circle of life is complete.

A lot of them are also real estate investors.

So is it just the right hand paying the left hand but "funneling" it through a mechanism that's inefficient but may be profitable on it's own?

No the idea is that you invest on the real estate with your own money, and invest on start up with LPs' money.