Randall: Mega-fund leaders cannot realistically promise LPs a 5x net return
Ev Randall · Wednesday’s Diet TBPN · Nov 13, 2025 · at 13:05
Benchmark partner Ev Randall argues on the 20VC podcast that multi-billion dollar mega-funds like Andreessen Horowitz and General Catalyst cannot mathematically generate 5x net returns for their limited partners.
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“I don't think Robbie or Hamant, or even Ben and Mark at this point, I don't think that they can go to LPs, one of those legs of the stool, and say, hey, this basket of funds that we're making you invest party pursue across, we're gonna get you five X net on that. I don't think they can say that, or they at least can't say that with a straight face.”
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