The WSJ got a rare look at some top tier VC's performance and noticed that despite some stella investments, Andreessen Horowitz lags behind Sequoia, Benchmark, Founders Fund. This prompted a16z's COO, Scott Kupor, to deliver a strong riposte in a blog post titled "When Is a “Mark” Not a Mark? When it’s a venture capital mark."
Andreessen Horowitz’s first fund from 2009, totaling $300 million, had returned about $472 million in cash through last year and has another $300 million in value on the books, according to the documents reviewed by the Journal. That translates to a return of 2.6 times invested capital. The fund included Instagram, Andreessen Horowitz’s biggest winner in terms of multiplying cash invested. When Facebook bought the photo-sharing app for $1 billion in 2012, the firm said it made $78 million on a $250,000 investment.