A16Z Crypto Fund Balloons to $2B

"Andreessen Horowitz’s rivals snark that the firm is chasing management fees — those lofty payouts firms receive just for taking people’s money. I hear that the Crypto Fund plans to charge a 2.5% management fee for most of the first decade of the fund. On a $2 billion fund, that could mean $50 million a year in fees alone. Andreessen Horowitz would see plenty of upside too with 25% carry until the fund doubles and then 30% carry after that. The firm wouldn’t take carry if it loses money. (I hear those terms are pretty standard for Andreessen Horowitz funds.)"