VCs by definition are looking for the Next Big Thing, not to finance someone's lifestyle business. The returns are too low to justify the huge risk. There are many other lower risk ways to get lifestyle-business sized returns for an investor.

VC limited partners invest because it has low correlation to other investments and the potential for 100% returns. If they're just getting a potential 7% (or whatever), they can buy stocks or real estate etc. at much lower risk.