Kha: GPs are fired for missing winners while LPs fear bad investments
Jen Kha · Why Investors Are Rethinking Everything for the AI Era · Sep 10, 2026 · at 26:43
Jen Kha, partner at Andreessen Horowitz (a16z), explains the divergence in career risk and incentives between venture capital general partners and institutional limited partners.
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“A GP can get fired for missing out, you know, the next, you know, Facebook, the next Uber, right? Like, that is error of omission, and like, that's fireable. But LPs on the flip side only get fired if you invest into a mentor. So in some respects, like, the incentive outcomes are actually completely opposite of the GP.”
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