FoF Questions (prestige, WLB, pay)

After recently researching the FoF industry, I have an assumption (most likely completely false) that FoF isn't as respected/prestigious in the financial world. Is this correct? I have always wanted to become a VC, but due to the traditional background of the job, I feel it's almost impossible because I most likely won't student engineering/cs or cure cancer. I feel like FoF somewhat resembles VC to a short extent. Do any top graduates from the best ug b-schools ever matriculate into this facet of finance? Do most FoF firms solely do this, or are they mostly combined with other types of finance? Is it considered PE or AM? Also, what do the top people in the FoF industry make, because I feel like I never see anything about them in finance news? Is this a hidden gem in the finance world, or is there a reason why it is less known?