People walk in Lujiazui financial district during sunset in Pudong, Shanghai, China, on Jul 13, 2021. REUTERS/Aly Song) LONDON: Sovereign wealth and public pension funds are piling into venture capital mega-deals beyond Silicon Valley even as frothy valuations raise fears of overheating among a surging number of unicorns. The promise of returns at multiples of equity markets' has made venture capital increasingly inviting for state-owned investors, while their deep pockets make them enticing backers for cash-hungry start-ups.