This is a pretty good summary of the VC universe, especially the part that those outside of startups are less concerned with, namely where the money comes from.
I think the article does miss one point, focusing on venture capital’s overall market performance: VC is high-risk, high reward. Investors are tolerating typically sub-par returns in exchange for the opportunity for a 20x, 50x or 100x ROI. It makes sense that this is popular in the US, and less so elsewhere. It also stands to reason that the more risky, more adventurous firms are probably going to be more appealing to their clients (the ones with the money, not the ones receiving it).