Andreessen Horowitz DPI Numbers Show Pre-2015 Vintages & Crypto Driving Returns
Data on cash returns fills out the picture on a16z fund performance. Its first crypto vehicle has yielded a 5x distribution.
When we got our hands on Andreessen Horowitz’s slide decks showing its performance, we learned that the firm has returned over $25 billion to its LPs since its inception in 2009, and that its internal valuations show most of its funds in good shape.
But one key piece was missing: how much has a16z paid out to its investors from each of its funds, as measured by distributions to paid-in capital, or DPI.
We received several frustrated emails from readers asking for this ultimate source of truth on venture performance. We’re happy to say, thanks to a source, we can now share a16z’s DPI figures as of September 30, 2024.
Unlike the figures in the deck that show TVPI, or total value to paid-in capital, DPI shows how much real money firms have returned to their LP investors from each of their funds.