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The comment he made was with regard to the mentality they have when determining whether to deploy capital, not so much the legal and financial structure of their deals.

You can see the full context here, worded better originally than I could hope to paraphrase:

http://bubbleinvestment.com/qa-with-aswath-damodaran-nyu-pro...

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You seem to be missing the point: venture capitalists raise money to generate fees. How you classify what they do with the money left over after fees isn't all that important because the primary business is fee generation.

> How you classify what they do with the money left over after fees isn't all that important because the primary business is fee generation.

Right. But the 'what they do with the money left over after fees' happens to be the subject of this discussion. You're arguing a moot point.

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