Portfolio Investment

You're a venture capitalist. You asked limited partners for money. They nervously gave it to you. You're the General Partner. You went along investing in normal, venture-backed companies. But there was one that came along that captured your fancy. It let people speak verbally with very little latency over the web with anonymous accounts. It was early internet, and you thought this was great.

For whatever reason, you did not make the investment in Skype as a portfolio investment, i.e., an investment made in your partnership with your portfolio. You made that investment personally. So when Skype ended up selling for billions, only you profited; the investors who trusted you with the money they gave you to invest...did not, because you didn't make this a portfolio investment.

And yes, this actually happened.