Is fund performance a valid reason to quit?

I mean of course it is, but how kosher is it to say that in an interview? I lateraled as a senior associate to a new fund about a year ago and while the experience has been great (in terms of deal reps, etc.) the firm itself has had shitty returns and that’s affected the way certain people act. I think the new deals are going to be fine, but the previous portfolio is a mixture of ok outcomes at the high end and catastrophic ones at the low end. 
 

My question is, how would this narrative be received in a lateral VP/Sr. associate recruiting process? Does it reflect poorly on me or would it cause people to discount my experience? 

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