Venerable part of tragedy (4)
I believe the answer is:
aged
'venerable' is the definition.
(thesaurus)
'part of tragedy' is the wordplay.
'part of' indicates a hidden word.
'AGED' is hidden in the letters of 'tragedy'.
(Other definitions for aged that I've seen before include "Time-worn" , "Like Uncle Arly" , "Matured like wine in wood" , "Getting on" , "Very old, person or wine" .)