The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: a16z's David George on How $BN Funds Can 5×, Do Margins & Revenue Matter in AI & the Most Controversial Bet at a16z
364 snips
Dec 15, 2025 
David George, a General Partner at Andreessen Horowitz, leads a team known for investing in transformative companies like Stripe and OpenAI. He discusses why larger funds can outperform smaller ones and the strategic advantages of staying private longer. The conversation touches on the evolving landscape of AI investments, the importance of founder strengths, and how revenue and margins are shifting in this new era. George also reveals insights on missed opportunities like Anthropic and defends the controversial $300M investment in Adam Neumann's Flow.
AI Snips
Chapters
Transcript
Episode notes
Large Funds Can Outperform Small Ones
- Large funds can still deliver top returns by capturing more winners and backing massive outcomes.
- David George cites a $1B fund where Databricks and Coinbase returned multiples that drove the fund's performance.
Private Markets Capture More Value
- Private markets have expanded massively and now capture a large share of value creation earlier.
- David George notes $5 trillion of private market cap and significant gains after Series C+.
Weigh Public Vs Private Capital Costs
- Consider public markets for cheaper cost of capital and reduced stock volatility in some cases.
- David George emphasizes public benefits like liquidity and avoiding employee-management volatility when public.