Here's what Andreessen Horowitz's leaked decks mean for the future of venture capital
Briefly

Here's what Andreessen Horowitz's leaked decks mean for the future of venture capital
"Regardless of why the decks were leaked or by whom, the data they contain is a rare look at how the firm has evolved. I spent some time yesterday afternoon trying to piece together a picture of a16z's profits, based on what's publicly known, and the new data that leaked. I hesitate to share them in full because any detailed conclusion requires too many assumptions to be useful."
"But I will tell you three indisputable takeaways from my analysis: Andreessen has made a lot of money for its investors. Andreessen has made a lot of money for itself-by my calculations, somewhere between a third and half of what it's returned to all of its investors combined. A very sizable chunk of its revenue has been from management fees-at least 25%, likely a lot more."
Two Andreessen Horowitz LP decks leaked to Newcomer, representing only the second known leak of internal documents from the firm. The leak provides rare data revealing how the firm has evolved. Analysis indicates Andreessen generated substantial returns for investors and significant profits for itself, estimated between one-third and one-half of total investor returns. Management fees constitute a sizable portion of firm revenue, at least 25% and likely higher. Precise profit calculations remain uncertain because they require many assumptions. The situation is connected to broader questions about disruption in venture capital and disruptive innovation theory.
Read at Fast Company
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