If it feels like everyone is suddenly talking about venture capital, don't worry, you're not alone.

"I'm always surprised, I go to parties and people introduce themselves as a venture capitalist," says Michael Panaccio, principal at Melbourne based Starfish Ventures, one of the older VC firms in Australia

"Let's say you are a wealthy person who has $20 million to $30 million in net assets, and they are happy to have their son or daughter set up a fund and invest $2 million in a number of start-ups. They would go around town saying they are a VC."

Venture capital is back in Australia after falling away following the GFC. iStock

What Panaccio describes is more like angel investing (a good primer on the differences between angel investing and VC is available here). But semantics aside, his comments shed light on a broader cultural phenomenon. Venture capital has become the most glamorous and exciting corners of finance. Rich heirs used to open record labels or try their hand at producing films, now they invest in start-ups.

Real venture capitalists will insist to you that their job is actually not glamorous at all – the drawbacks include endless meetings over coffee and wading through lots of questionable pitches – but it's not hard to understand why it appeals to outsiders. Returns at the asset class level are heavily debated, but the best-performing VC managers in the US have achieved spectacular results for their clients, while helping fund some of the most transformative companies in recent history.