a16z 给 LP 净回报已达 250 亿美金，4 款极简但赚钱的产品

Core Insights - a16z has evolved into a unique entity in the VC industry, moving away from traditional VC practices, with plans to raise $20 billion this year focusing on AI investments [1] - Since its inception in 2009, a16z has generated $25 billion in net returns for LPs, with $11.2 billion in 2021 alone, marking a peak during the SaaS boom [1] - The firm has shifted from seeking high-risk, high-reward early-stage investments to a consensus-driven investment strategy, emphasizing the importance of identifying founders with predictable backgrounds [5][9] Fundraising and Financial Performance - a16z raised $7 billion in management fees in 2021, with potential carry fees increasing this amount significantly [4] - The firm’s fee structure may exceed the industry standard of 2% management and 20% carry, with reports suggesting a cap of 3% and 30% [5] Investment Strategy - a16z's investment approach has transitioned to consensus investing, focusing on founders from elite educational backgrounds and established companies, contrasting with traditional VC's emphasis on non-consensus opportunities [5][9] - The firm has been involved in significant exits, including Coinbase, Robinhood, and Roblox, with substantial returns from these investments [7] Market Dynamics - The influx of capital into leading companies indicates a trend towards consensus capital, where competition among funds drives up valuations, potentially eroding alpha returns [9] - For founders outside the consensus capital circle, there remains an opportunity to attract early-stage investors focused on alpha, as the market continues to evolve [10]