Andreessen Horowitz’s Crypto Funds Keep Outperforming Its Other Funds
Andreessen Horowitz’s crypto funds have continued to produce better returns and distribute more cash than the firm’s general venture funds, according to new returns data published Friday.
The firm’s second crypto fund, a $541 million vehicle raised in 2020, had a total value to paid-in capital of 4.1 times as of September 2025 and distributed 1.8 times its paid-in capital to investors, according to an edition of Paddy McCormick’s “Not Boring” newsletter published the day the VC firm revealed it had raised $15 billion in new funds. That 2020 fund’s performance improved on its performance from the year earlier, according to returns previously reported by The Information.
The 2020 crypto fund also performed twice as well by those measures as its flagship $1.4 billion venture fund launched the same year. The VC fund’s total value to invested capital was 1.7 and it distributed no cash to investors, the newsletter said.
Andreessen’s crypto funds benefited from the rally in Solana and other crypto tokens, though their prices have fallen sharply since September.
The firm’s third crypto fund, a $2.4 billion vehicle raised in 2021, had a total value of 1.5 times paid in capital and had distributed 0.2 times its capital, the newsletter said. By both measures, the crypto fund bested the late-stage general fund Andreessen raised the same year, which had a total value of 1.2 times its invested capital and hadn’t returned any cash.
Its largest fund to date, a $5.1 billion late-stage fund raised in 2022, was worth 1.4 times its invested capital and had returned 0.1 of its invested money. That performance was enough to put it in the first quartile for all VC funds of that vintage, according to PitchBook benchmarks from the second quarter.
Reflecting a still-sluggish IPO market, all but three of the firm’s 17 funds raised since 2020 hadn’t returned any cash to investors.