2025-09-27
This is how venture works. Money is made in bubbles. Between 1980 and 2000, firms made 83% of their profit in a 3 year period and 1% per year over the prior 17 years. First Round made over 90% of their returns in a 36 month window despite being a 20 year-old firm. Hyperharvest.
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Leaked a16z decks: $25B in net returns since its 2009 founding, including $11.2B in 2021, and 56 unicorn investments in the past 10 years, the most of any firm
The firm has held its $900 million 2012 Fund III at 9.4x net TVPI. — ∙ Paid — Andreessen Horowitz is perhaps … X: @iamhenrymascot , @doodcapital , @iamjakestream , @ctjlewis , ...