Little late to this. Since it isn't the first time I'm seeing this critique, I can't help myself. It isn't just "not the job" of a venture fund to manage public equities. Few factors to consider: the firm & fund, the market, and fund-level risk.

https://twitter.com/teddypowday/status/1305501745053863939

To set the stage, when a VC firm has a public outcome, it can (1) hold the stock (or sell stock for cash, recycling to invest or use for fees, etc.) or firm can (2) distribute stock and/or cash (by selling stock). Those are the options. (2), disty of of cash / stock most common.