As an investor in venture capital funds, I do look at loss ratios as an indication of the risk taken by the firm. Note that Mr. Wilson was focusing on early stage funds, and that loss ratios should change for different strategies - growth, late, etc. - and should be lower for as the strategy moves to later stage.
Here's a link to the post: http://www.avc.com/a_vc/2013/11/loss-ratios-in-early-stage-vc.html?