The study looked at how the people and investors involved in venture funds in Korea affect the funds' performance. They studied 235 funds and found that the length of time fund managers stayed, how many stayed, and the number of investors all had an impact on how well the funds did. Blind funds and project funds had different results, with project funds being more affected by how long the fund manager stayed. Funds run by general partners, who are not major shareholders, had similar results to all funds. This research can help the government make better policies for supporting ventures and help investors decide how to evaluate funds.