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3. Jean Pierre Dupont is the CIO of a French pension fund allocating a substantial portion of its assets to private equity. The existing private equity portfolio comprises mainly large buyout funds, mezzanine funds, and a limited allocation to a special situations fund. The pension fund decided to further increase its allocation to European venture capital. The investment committee of the pension fund requested Dupont present an analysis of five key investment characteristics specific to venture capital relative to buyout investing. Can you assist Dupont in this request